Use the Following to Answer Questions Production P Ossibilities S

question 128

Multiple Choice

Use the following to answer questions Production P ossibilities S chedule 2

$\begin{array}{cccccc}&V & W & X & Y & Z\\\hline\text { Capital goods per period } & 0 & 1 & 2 & 3 & 4 \\\text { Consumer goods per period } & 20 & 18 & 14 & 8 & 0\end{array}$
-(Exhibit: Production Possibilities Schedule 2) The production of 14 units of consumer goods and 1 unit of capital goods per period would:

• A)result in full employment.
• B)result in no unused resources.
• C)result in some unused or inefficiently used resources.
• D)increase economic growth.

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Definitions:

Rights Arbitration

Arbitration over interpretation of the meaning of contract terms or employee work grievances

Interest Arbitration

A method of resolving labor disputes by involving a neutral third party who makes binding decisions based on the arguments and interests presented by both sides.

Collective Agreement

A written contract negotiated between an employer and a union representing employees, outlining terms of employment, salaries, and work conditions.

Arbitration Criteria

The standards or guidelines used by an arbitrator to make a decision in a dispute resolution process.