In Which of the Following Is an Arbitrator (Or Arbitration

question 46

Multiple Choice

In which of the following is an arbitrator (or arbitration panel) similar to a judge?

• A)Both are bound by previous jurisprudence.
• B)Both are jointly appointed by the parties.
• C)Both strictly apply the rules of evidence.
• D)Both may apply the principles of equity.
• E)Both have inherent jurisdiction.

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Definitions:

Money Income

Refers to the total income received in monetary form, including wages, salaries, and other income sources.

Budget Line

A graphical representation of all the possible combinations of two goods or services that can be purchased with a given budget, considering their prices remain constant.

Money Income

The total earning received by an individual or household including wages, salaries, and other forms of income, before any deductions.

Marginal Utility

The extra pleasure or advantage gained from consuming an additional unit of a product or service.