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Which of the following does macroeconomics endeavor to answer?
i. What role does the government play in recessions, booms, and determining the rate of inflation?
ii. What causes an increase in the price of Exxon stock?
iii. How does a dairy farmer react to rising milk prices?
Closed Shop
Union security arrangement under which a person must be a union member before being hired; illegal for those covered by the National Labor Relations Act.
Wagner Act
A foundational piece of U.S. labor legislation passed in 1935 that protects the rights of workers to organize into unions, engage in collective bargaining, and take collective action such as strikes.
Collective Bargaining
The process in which working people, through their unions, negotiate contracts with their employers to determine their terms of employment.
Taft-Hartley Act
A 1947 U.S. federal law that restricts the activities and power of labor unions.
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