There is scientific evidence to suggest that:
A. agents do not respond to incentives.
B. agents respond to incentives.
C. agents respond to piece rates but not bonus plans.
D. agents respond to incentives only if they can cheat.
Answer: B
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Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the long run would be:
A. P1 and Y2. B. P2 and Y1. C. P3 and Y1. D. P3 and Y2.
All of the following are determining factors in the price of a share of stock except
A. risk associated with the company. B. expected dividends. C. the interest rate. D. the number of years the firm has existed.
Price elasticity of supply is used to gauge
A) how responsive suppliers are to a change in demand. B) how responsive sales are to a change in input prices. C) how responsive suppliers are to price changes. D) how responsive suppliers are to changes in future prices.
A chain saw is an example of which of the following factors of production?
a. Land. b. Labor. c. Capital. d. None of these.