The Labor-Management Relations Act of 1947 (Also Known as the Taft-Hartley

question 19

Multiple Choice

The Labor-Management Relations Act of 1947 (also known as the Taft-Hartley Act) was significant because it

• A) curtailed union power by permitting states to pass right-to-work laws.
• B) granted firms the right to break unions.
• C) outlawed yellow-dog contracts.
• D) created the National Labor Relations Board.
• E) granted union rank and file the right to decertify its leadership via election.

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Definitions:

Taxes

Compulsory financial charges or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund government spending and various public expenditures.

Demand Curve

A graphical representation of the relationship between the price of a good or service and the quantity demanded for a given period, typically showing a downward slope from left to right.

Relationship

The way in which two or more people, groups, or countries interact and behave towards each other.

Target Return Pricing

A pricing strategy implemented by firms less concerned with the absolute level of profits and more interested in the rate at which their profits are generated relative to their investments; designed to produce a specific return on investment, usually expressed as a percentage of sales.