A Mid-Sized City Introduced a Reward System Whereby Employees Would

question 71

Multiple Choice

A mid-sized city introduced a reward system whereby employees would find ways to reduce costs and increase work efficiency.Every employee would receive a portion of the surplus budget resulting from these cost savings.This city is using:

• A)a gainsharing plan.
• B)a commission system.
• C)a piece-rate plan.
• D)a share option plan.
• E)None of the answers apply.

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Definitions:

Economic Indicators

These are statistical metrics used to gauge the overall health of the economy, including metrics like GDP, unemployment rates, and inflation.

GDP Implicit Price

A measure that reflects the changes in the prices of all goods and services included in the Gross Domestic Product, indicating the economy's inflation or deflation.

Price Level

A measure of the average prices of goods and services in the economy at a given time, often compared to a base year to assess inflation or deflation.

Aggregate Demand Curve

The total demand for all goods and services in an economy at different price levels, typically downward sloping, indicating an inverse relationship between price level and demand.