The Recommendation of Early Economists Such as Smith and Ricardo

question 222

Multiple Choice

The recommendation of early economists such as Smith and Ricardo to the British government was to

• A)develop a policy that protects strategic domestic industry.
• B)use trade barriers only to protect agricultural industries.
• C)develop a policy to increase trade barriers.
• D)use trade barriers only to protect infant industries.
• E)develop a policy to reduce trade barriers.

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Definitions:

Forced Ranking System

A controversial performance management system where employees are ranked against each other in categories, often leading to a certain percentage being identified as top performers, while others are deemed low performers.

Merit Pay

A compensation system where employees receive pay increases based on their performance, rewarding those who exceed expectations.

Peer Appraiser

An employee designated to assess and review the performance of their colleagues as part of a company's evaluation system.

Management by Objectives

A strategic management model that aims to improve the performance of an organization by clearly defining objectives that are agreed upon by both management and employees.