After Hammering Out a Tentative Contract with the Company, the Union

question 17

Multiple Choice

After hammering out a tentative contract with the company, the union representatives present the agreement to union members to be voted on. What is this step in the collective bargaining process known as?

• A) mediation
• B) ratification
• C) the grievance procedure
• D) arbitration

---

Definitions:

Classical Theory

An economic theory emphasizing free markets, competition, and the idea that supply and demand will naturally regulate the economy.

Flexible Interest Rates

Interest rates that can change over the duration of a loan or savings account, responding to market conditions.

Aggregate Saving

The total amount of saving in the economy, consisting of both private savings by individuals and public savings by the government.

Keynesian Macroeconomic Theory

An economic theory stating that government intervention through fiscal and monetary policy can manage economic fluctuations.