Compare a Property Rights System in Which People Are Allowed

question 56

Multiple Choice

Compare a property rights system in which people are allowed to keep one-third of the monetary rewards of their labor with a system in which they keep two-thirds.An economist would expect that more people to decide to go to work under the __________ system and that many of those already working would decide to work more under the __________ system.

• A) former; former
• B) former; latter
• C) latter; former
• D) latter; latter

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Definitions:

Practical Standards

Realistic benchmarks for costs, time, or productivity that are based on actual production and operational performances, assuming normal working conditions.

Managers Attitude

The disposition or mindset of managers towards adopting business strategies, leading employees, and making decisions.

Commit

To pledge or bind an organization or individual to a certain course of action or level of financial support.

Undesired Outcome

A result or consequence that deviates negatively from what was intended or expected.