Which of the Following Is Best Considered an Implicit Contract

question 21

Multiple Choice

Which of the following is best considered an implicit contract?

• A)A union contract that specifies hourly wages and fringe benefits.
• B)A union contract that specifies how overtime wages will be calculated.
• C)An informal agreement between a firm and its employees to reduce hours of work for everyone a little bit during an economic contraction in order to prevent firing anyone.
• D)An informal agreement between a firm and its employees to have the firm fire its most expensive workers first during an economic contraction.
• E)A historical agreement between a firm and its employees that the firm pays workers based on a combination of age, experience and education.

Recognize how consumer preferences can influence the economy's production decisions.

Understand the factors leading to economic disparities between countries.

Analyze the role of capital goods versus consumer goods in determining a country’s economic status.

Understand the basic principles and laws governing partnerships.

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