According to Institutionally-Focused Economists

question 29

Multiple Choice

According to institutionally-focused economists,

• A)the direction of causation goes from MV to PQ.
• B)asset inflation is a phenomenon that cannot occur.
• C)inflation is double the rise in money supply.
• D)price-setting conventions by institutions are the source of inflation.

---

Definitions:

Closed-shop Agreements

Closed-shop agreements are labor contracts requiring employers to hire only union members, typically to ensure worker unity in negotiations and workplace standards, though they are restricted or illegal in some jurisdictions.

Landrum-Griffin Act

A U.S. law aimed at regulating labor unions' internal affairs and their officials, promoting democracy, and safeguarding union members' rights.

Permissive Items

Aspects of labor negotiations where employers are not obligated but are allowed to discuss and agree upon with employees or their representatives.

Collective Bargaining

The process of negotiation between employers and a group of employees aimed at reaching agreements to regulate working conditions.