If TruLite's management studied the light fabrication department and found that the department should assemble 25 lamps per hour per worker and set its piece rate to get workers to meet output level, then this standard is called the:
A. incentive adjustment.
B. random element of production.
C. risk premium.
D. benchmark.
Answer: D
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Government controls over market prices frequently "backfire."
a. True b. False Indicate whether the statement is true or false
Economists who focus on long-run growth suggest that the government could lower taxes on labor income in order to increase employment
a. True b. False
The law of demand states that price and quantity demanded are
A) directly related, ceteris paribus. B) inversely related, ceteris paribus. C) independent. D) positively related, ceteris paribus.
Using indifference curve analysis, you can identify the point at which a consumer maximizes utility where the slope of the:
A. indifference curve is equal to the slope of the budget constraint. B. indifference curve is greater than the slope of the budget constraint. C. indifference curve is -1. D. budget line is -1.