When a worker announces that he plans to quit, say next month, the "threat" of being fired has no bite. The worker may find it in his interest to shirk. What can the manager do to overcome this problem?
A. Pay the worker some rewards when he announces his plan to quit.
B. Fire the worker as soon as he announces his plans to quit.
C. Provide the worker some rewards for good work that extend beyond the termination of employment with your firm.
D. Monitor the worker more often than usual and fire him when he is caught shirking.
Answer: C
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A) in deficit, greater than, moderate B) balanced, roughly equal to, negligible C) balanced, less than, moderate. D) surplus, greater than, negligible
One reason individuals are willing to pay for information in uncertain situations is that information
A) can reduce uncertainty. B) is a way to diversify. C) is a method of insurance. D) is a method of self-insurance. E) always reduces the difference between the probabilities of possible outcomes.
A business owner makes 50 items a day. She spends 8 hours in producing those items. If hired elsewhere she could have earned $10 an hour. The item sells for $10 each. Production occurs seven days a week. If the explicit costs total $10,000 a month the economic profit for the month equals:
a. $2,600 b. $2,240 c. $11,760 d. $5,000
Which of the following is the most aggregated value?
A. Total output of a city B. Total output of a country C. Total output of a firm D. Total output of an industry