A Union Contract Is

question 10

Multiple Choice

A union contract is:

• A) A legally binding document that describes the terms of employment .
• B) An agreement between management and labor that loosely states the rules they will each try to abide by in the workplace.
• C) A legally binding agreement between employees and their union representatives that outlines the scope of the union's authority.
• D) A voluntary but not legally binding agreement between employees and their union representatives that outlines the terms of employment.

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Definitions:

Federal Funds Rate

The interest rate at which depository institutions lend reserve balances to other depository institutions overnight on an uncollateralized basis.

Reserve Requirement

The portion of depositors' balances that banks must have on hand as cash or in deposits with the central bank, used as a tool for monetary policy.

Bank Runs

A situation where a large number of a bank's depositors try to withdraw their funds simultaneously over concerns about the bank's solvency.

Reserve Banking

A banking system in which banks hold a fraction of their deposits in reserve, while lending out the remainder to generate profits.