When a manager's bonuses are tied to multiple unrelated performance measures
a. we typically see the manager miss all goals by about the same amount
b. we typically see the manager greatly exceeding some goals while missing others altogether
c. we typically see the manager just meeting some goals while missing others by a wide margin
d. we typically see the manager indifferent to the goals
c
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Economists have found that the price elasticity of demand for water is higher in the summer than in the winter. Why is this likely to be so?
A. Winter water use tends to be for necessities such as cleaning and cooking, and summer water use tends to be for both necessities and non-necessities such as gardening and recreation. B. Winter is longer than summer, and price elasticity is lower over longer time horizons. C. Summer is longer than winter, and price elasticity is higher over longer time horizons. D. People take more vacations in the summer and so use less water at home.
To be as well off as possible, a nation should produce
a. only those goods that its populace desires. b. the good within its productive capabilities that commands the highest price in the world market. c. the good that requires the fewest resources to produce. d. whatever good it can produce at a cost lower than that incurred by other nations.
Resource price differentials that do not trigger the reallocation of resources are known as
a. temporary differentials b. market differentials c. conditional differentials d. permanent differentials e. sustainable differentials
Consuming goods until the ratio of marginal utilities of the goods is equal to the ratio of their prices is consistent with maximizing total utility
a. True b. False