A Labor Union Had Once Been Whites Only but Is

question 240

Multiple Choice

A labor union had once been whites only but is now integrated. Its membership rules used to state that to obtain employment through the union you had to be related to or recommended by a union member. Such a rule would now be:

• A) not illegal because segregation had been eliminated
• B) not illegal because Title VII does not apply to unions
• C) illegal because blacks who entered the union would be junior to whites in seniority
• D) illegal because it would perpetuate past intentional discrimination
• E) none of the other choices

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Definitions:

Long Position

The purchase of a security such as a stock or commodity with the expectation that the asset will increase in value.

Futures Contract

A formal contract for purchasing or selling an item at a pre-set price at a future date.

Maturity

The date on which the principal amount of a financial instrument is scheduled to be repaid.

Daily Settlements

The process by which futures contracts are revalued at the end of each trading day based on the closing market prices to reflect gains and losses.