Contests Do a Good Job in Resource Allocation

question 101

Multiple Choice

Contests do a good job in resource allocation

• A)under any circumstances.
• B)when the efforts of the players are easy to monitor and reward directly.
• C)when the efforts of the players are hard to monitor and reward directly.
• D)when the first-come,first-served allocation method has failed.
• E)only under a command system.

Understand the challenges in interpreting projective personality test results.

Recognize the influence of the Barnum Effect in the belief in pseudo personality tests.

Understand the role of self-serving bias in interpreting personality test results.

Comprehend the difficulties in interpreting the Rorschach inkblot test.

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Definitions:

Due Diligence

Due diligence is the investigation or exercise of care that a reasonable business or person is normally expected to take before entering into an agreement or transaction with another party.

Registration Statement

A statement required by the Securities and Exchange Commission to indicate details about a business selling securities.

Cost of Repair Rule

A legal principle that allows a party suffering from property damage to recover the expenses necessary to restore the property to its pre-damage condition.

Negligent Credentialing

Occurs if a hospital has retained a physician that the governing body of the hospital knew or should have known was incompetent.