It was more than a century ago that an engineer named Frederick Taylor walked into factories and starting timing workers with a stop watch. He dissected their movements, and organized them more efficiently
He turned factory production into a science. Suppose work was completed in the factory based on what the floor manager decided and workers were paid a base daily wage plus a bonus when they produced more than expected. How does this firm organize production? A) through the command system
B) through the incentive system
C) through the market system
D) through a mixed command and incentive system
D
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In response to the overvalued dollar in the early 1970s, the German Bundesbank bought ________ and sold ________ to keep the exchange rate fixed, gaining international reserves
A) marks; dollars B) marks; pounds C) dollars; marks D) dollars; pounds
If the inverse demand curve a monopoly faces is p = 100 - 2Q, and MC is constant at 16, then the deadweight loss from monopoly equals
A) $21. B) $441. C) $882. D) $1,764.
Antitrust laws attempt to promote competition by controlling
a. market structure only b. market conduct only c. market structure and performance d. market structure and conduct e. market structure, conduct, and performance
If supply and demand both decrease, the new equilibrium price will be ________ and the new equilibrium quantity will be ________.
A. lower; uncertain B. higher; higher C. uncertain; lower D. lower; lower