The Recessions of the 1970s Are Often Attributed to

question 7

Multiple Choice

The recessions of the 1970s are often attributed to

• A)declining inflation expectations.
• B)an increase in oil prices.
• C)declines in the price of stock.
• D)decreases in the money supply.

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Definitions:

Concession Bargaining

A negotiation process in which the labor union agrees to give up certain benefits or conditions in exchange for something else from the employer.

Pattern Bargaining

A negotiation strategy where a labor union uses the terms of a successfully negotiated contract with one employer as a benchmark for negotiations with other employers.

Hardball Tactics

Aggressive or uncompromising methods used in business, politics, or sports, often to gain an advantage or settle a dispute.

Collective Bargaining

Engaging in talks between company representatives and labor groups to achieve mutual consent on aspects like salaries, working environment, bonuses, and additional features of employee remuneration and privileges.