What are the likely consequences of providing monetary incentives to politicians for good performance?
What will be an ideal response?
A pay-for-performance policy might give politicians greater incentives to please voters. Although it may incentivize politicians and discourage corruption, the possibility of a large bonus may also cause politicians to create the appearance of good performance, even when they are performing poorly. Also, pay-for-performance for politicians might attract those who are interested in making a quick buck rather than public-spirited politicians.
A-head: CHOICE AND CONSEQUENCE: SHOULD WE PAY POLITICIANS FOR
PERFORMANCE?
Concept: Pay-for-performance policies for politicians
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A firm is currently producing 200 units of output using 60 hours of labor and 80 hours of capital. The marginal product of labor is 12 units of output per hour, and the marginal product of capital is 15 units of output per hour. If the wage rate is $6 per hour and the rental rate is $3 per hour, then
a. the firm's use of labor and capital is cost-efficient. b. the firm should use more labor and less capital. c. the firm should use more capital and less labor. d. we cannot determine if the firm's use of inputs is efficient without more information.
By the legal definition of unemployment, a person who has quit his job to take care of his children full time is
A) unemployed. B) not in the labor force. C) employed. D) in the labor force.
Ms. Smith has $10,000 in her saving account that pays her a 3% interest rate. If the inflation rate is 5%, Ms. Smith will
a. gain buying power because both the interest rate and the inflation rate are positive. b. lose buying power because the inflation rate is positive. c. lose buying power because the inflation rate is greater than the interest rate. d. lose buying power because the interest rate is low.
The demand deposit multiplier is the number by which we must multiply the
a. injection of reserves to get the total change in demand deposits b. total amount of demand deposits to get the total change in the money supply c. level of required reserves to get the total change in the money supply d. total amount of currency in circulation to find total demand deposits e. change in demand deposits to find the total change in the money supply