An Alternative to Layoffs in Which All Employees Agree to Reductions

question 59

Multiple Choice

An alternative to layoffs in which all employees agree to reductions in pay in order to keep everyone working is called a

• A)bump with pay.
• B)ring-of-defence.
• C)contingent employment.
• D)voluntary reduction in pay plan.
• E)voluntary time off with reduction in pay.

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Definitions:

Economic Performance

An assessment of an economy's health and efficiency, measured by indicators such as GDP, unemployment rates, and inflation.

Recessions

Phases of brief economic downturns marked by diminished trade and industrial operations, typically characterized by a decrease in Gross Domestic Product (GDP) for two consecutive quarters.

Stock Market Crashed

A sudden and significant decline in the stock market's value, leading to widespread financial loss and often triggering economic uncertainty.

Economic Decline

A period marked by a decrease in GDP, employment, and trade, often leading to lower levels of production and consumer spending.