If a manager has the right to fire, promote, and compensate an employee, the employee obviously has an economic incentive to comply with the manager's wishes. Which of the following potential sources of power is described by this statement?
A. Formal authority
B. Control of information
C. Control of budgets and resources
D. Having friends and allies
Answer: A
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Which of the following statements is true about supply?
A. As price decreases, producers are willing and able to put more of the good on the market for sale. B. Supply refers to the amount of inventory that sellers have in their warehouses. C. As price increases, producers are willing and able to put more of the good on the market for sale. D. There is an inverse relationship between price and quantity supplied.
Suppose that Spain has a comparative advantage in hats and Portugal has a comparative advantage in doormats. Under a system of free trade, each country specializes and then trades with the other. If the price starts at four hats per doormat, and then increases to five hats per doormat, then:
a. people in Portugal will not want to buy as many hats. b. Spain no longer has a comparative advantage in hats. c. Portugal is flooding the market with too many doormats. d. some of the gains from trade shift to Portugal. e. some of the gains from trade shift to Spain.
Current account deficits are offset by
A) the liquidity balances. B) capital account surpluses. C) the basic balance. D) balance of trade surpluses.
Empirically it takes nearly ________ years for monetary policy to have its full effect on output
A) 2 B) 1 C) 3 D) 4