An Enterprise Contract Provides a Statement of an Employer's Commitment

question 109

Multiple Choice

An enterprise contract provides a statement of an employer's commitment to allow the union and employee to be involved in ____________________, in exchange for a statement of the union/worker's commitment to ____________________.

• A) Business decision making; competitiveness
• B) Setting wages, hours, and working conditions; follow company rules
• C) Volunteerism; the community
• D) Board meetings; act in the best interest of the company

Analyze how technological advances affect supply.

Grasp the mechanism of price adjustment to equilibrate quantity demanded and quantity supplied.

Recognize the relationship between market equilibrium, surplus, and shortage.

Distinguish between movements along and shifts of the supply and demand curves.

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Definitions:

Efficiency Loss

The loss of economic efficiency that can occur when the equilibrium for a good or a service is not achieved or is unattainable.

Tax

Compulsory financial obligation or different form of levy placed on a taxpayer by a government entity to finance public spending.

Excise Tax

A tax imposed on specific goods, services, or activities within a country, often levied on items like tobacco, alcohol, and gasoline to discourage their use or generate revenue.

Deadweight Losses

Economic inefficiencies that occur when the equilibrium in a market is not achieved or is distorted, typically resulting in lost welfare or inefficiency.