Why Did Henry Ford Decide to Pay $5 Per Day

question 158

Multiple Choice

Why did Henry Ford decide to pay $5 per day to his workers?

• A) He was forced by a union to pay $5 per day.
• B) He paid $5 per day to improve worker nutrition.
• C) He believed that $5 a day would increase worker productivity.
• D) He paid $5 per day to illustrate that he was a humanitarian.

Describe the effects of the temperance movement and other reform initiatives on American society.

Understand the concept of rent-seeking and its implications on society.

Analyze the consequences of government policies that socialize losses and privatize gains.

Explore the special-interest effect and its impact on economic policy and society.

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Definitions:

Variance

The difference between planned, budgeted, or standard costs and actual costs, often analyzed to control spending and improve financial management.

Time And Motion Studies

A business efficiency technique combining time study and motion study to standardize work processes and improve productivity.

Workers

Individuals engaged in a job or employment, contributing labor to an organization for wages.

Perform

To carry out, execute, or conduct an action or task.