Aggregate Output Refers to the Pattern of Short-Term Ups and Downs

question 127

True/False

Aggregate output refers to the pattern of short-term ups and downs in the economy.

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Definitions:

Chairlifts

Mechanical transportation systems typically used at ski resorts to transport skiers up a mountain; consists of a series of chairs suspended from a moving cable.

Collective Agreement

An agreement in writing, made between an employer and a union certified or recognized as the bargaining unit of the employees. It contains the terms and conditions under which work is to be performed and sets out the rights and duties of the employer, the employees, and the union.

Closed-Shop Clause

A provision in a labor agreement requiring all employees to be members of a union as a condition of employment.

Trade Union

An organization formed by workers in a particular trade, industry, or company to protect their rights and interests.