Administered prices are prices agreed to by competing firms in a market.
Answer the following statement true (T) or false (F)
False
Instead of letting daily market forces (or auctions) decide their prices, most firms set their own prices known as administered prices.
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Which statement is true according to the Davis-Bacon Act of 1931 and the Walsh-Healy Public Contracts Act of 1936?
A. Under these laws, individuals aged 18 and 19 may not be employed in hazardous occupations defined by the Department of Labor. B. Federal contractors must pay their employees at rates at least equal to the prevailing wages in the area. C. Employers must pay a training wage to workers under the age of 15 for a period of up to 60 days. D. Organizations can defend themselves against claims of discrimination by showing that they pay the going market rate. E. The overtime rate applies to the hours worked beyond 45 in one week.
Strategic systems planning is important because the plan
a. provides authorization control for the Systems Development Life Cycle b. will eliminate any crisis component in systems development c. provides a static goal to be attained within a five-year period d. all of the above
What does “comparable worth” mean in a compensation context?
What will be an ideal response?
In setting price standards for materials and labor,
A) purchasing department must consider discounts, freight, and quality. B) personnel must consider payroll taxes, fringe benefits, and qualifications. C) it is the joint responsibility of operations, purchasing, personnel, and accounting. D) more than two of the other statements are true. E) none of the other statements are true.