In Labor-Management Relationships,what Are Implicit Contracts

question 30

Multiple Choice

In labor-management relationships,what are implicit contracts?

• A) contracts imposed by outside arbitration panels
• B) informal unwritten understandings between labor and management
• C) agreements between management and union leaders that are kept secret from the rank and file members
• D) contracts that do not specify a wage rate but ensure that workers get the current going rate
• E) documents that spell out in detail the intent and meaning of the provisions in the formal contract

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Definitions:

Taxes and Tariffs

Mandatory financial charges imposed by a government on products, incomes, or activities, and tariffs specifically refer to taxes on imports or exports between sovereign states.

NPV

Net Present Value, a financial metric used to assess the profitability of an investment or project by discounting future cash flows to their present value.

Financial Return

The profit or loss generated on an investment over a particular period, expressed as a percentage of the investment's initial cost.

Rate of Return

The gain or loss on an investment over a specified period, expressed as a percentage of the investment's cost.