The Railway Labor Act Established a Three-Step Procedure for Settling

question 32

Multiple Choice

The Railway Labor Act established a three-step procedure for settling disputes. Which of the following is not one of them?

• A)Use a federal mediation board to attempt to facilitate negotiation of the parties' differences.
• B)Induce the parties to arbitrate the dispute.
• C)Refer the dispute to the Office of the General Counsel.
• D)Recommend to the president that an emergency board of investigation be created.

---

Definitions:

Constant Price

Prices adjusted for inflation to reflect the real value of goods and services over time.

Resource Employment

The utilization of various inputs like labor, capital, and raw materials in the production of goods and services.

Marginal Revenue Product

The additional revenue generated from employing one more unit of a resource or input.

Profit-Maximizing

The practice or strategy of adjusting production and prices to achieve the highest possible profit.