Which of the Following Is True of a Completely Free-

question 30

Multiple Choice

Which of the following is true of a completely free- market economy?

• A) The government could set a minimum wage.
• B) People are paid fair wages.
• C) There will be full employment.
• D) Production and consumption depend on demand and supply.

Understand the basic concepts of organizational structure and its impact on organizational behavior and effectiveness.

Identify and describe the main characteristics of different organizational forms such as bureaucracy, adhocracy, and professional bureaucracy.

Analyze the effects of organizational size, complexity, and life cycle on structure and design.

Distinguish between mechanistic and organic structures and their applicability in various organizational settings.

---

Definitions:

Research and Development

The investigative activities a business conducts to improve existing products and procedures or to lead to the development of new products and procedures.

Rate of Return

The gain or loss on an investment over a specified period, expressed as a percentage of the investment's initial cost.

Expenditure

The total amount of money spent by an individual, firm, or government on goods and services.

Innovation

The process of creating new methods, products, or ideas that bring about significant improvements or changes.