_______________________________ Final Offer Arbitration Is When the Arbitrator Must Select

question 160

Short Answer

_______________________________ final offer arbitration is when the arbitrator must select one or the other party's final offer on all the disputed contract terms, like wages, health insurance, holidays, etc.

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Definitions:

Unemployment Rate

The unemployment rate represents the proportion of the workforce that is without a job and is actively looking for work.

Monetary Neutrality

The theory that changes in the money supply only affect nominal variables (like prices) and not real variables (like output) in the long run.

Phillips Curve

An economic concept depicting an inverse relationship between the rate of unemployment and the rate of inflation in an economy over time.

Friedman and Phelps

Refers to the contributions of Milton Friedman and Edmund Phelps in economics, particularly their work on the natural rate of unemployment and the expectations-augmented Phillips Curve, disputing the long-term trade-off between inflation and unemployment.