What are internal labor markets and what is an important characteristic of these markets?
What will be an ideal response?
Internal labor markets arise when most jobs are filled from within a firm and outside hires are mostly for entry-level jobs. Under such circumstances, the firm is looking for establishing long-term relationships with its employees. To promote this, the firm invests in specific training, provides incentives to motivate its employees, and gathers information about employees' attributes.
You might also like to view...
Excessive regulation may lead to
a. corruption b. attempts to evade regulations c. high costs of complying with regulation d. lobbying to remove regulation e. all of the above
The above figure shows the demand and cost curves facing a monopoly. Maximum profit equals
A) $0. B) $100. C) $1,000. D) $2,500.
The potential conflict of economic policy with political objectives can be used to explain
A. The ups and downs in overall business activity. B. The election of the Federal Reserve's Board of Governors. C. Illegal behavior on the part of politicians and economists. D. Why politicians stimulate the economy before an election and restrict it afterward.
Colombia has an absolute advantage in
A. coffee and a comparative advantage in hot dogs.
B. neither coffee nor hot dogs, but a comparative advantage in hot dogs.
C. neither coffee nor hot dogs, but a comparative advantage in coffee.
D. neither coffee nor hot dogs, but a comparative advantage in both hot dogs and coffee.