Which of the Following Choices Correctly Notes a Characteristic Associated

question 40

Multiple Choice

Which of the following choices correctly notes a characteristic associated with perfection standards and one associated with practical standards? $\begin{array} { | l | l | l | } \hline & { \text { Perfection Standards } } & { \text { Practical Standards } } \\\hline 1 & \text { Attainable in an ideal environment } & \begin{array} { l } \text { Incorporate abnormal occurrences when } \\\text { setting quantity and efficiency targets }\end{array} \\\hline 2 & \text { Result in many unfavourable variances } & \text { Are often attainable by workers } \\\hline 3 & \begin{array} { l } \text { Tend to boost worker morale over the } \\\text { long-run }\end{array} & \begin{array} { l } \text { Generally, are preferred by behavioural } \\\text { scientists }\end{array} \\\hline 4 & \begin{array} { l } \text { Generally, are easily achieved by } \\\text { workers }\end{array} & \begin{array} { l } \text { Result in both favorable and unfavourable } \\\text { variances }\end{array} \\\hline 5 & \begin{array} { l } \text { Generally, are preferred by } \\\text { behavioural scientists }\end{array} & \begin{array} { l } \text { Are casier to achieve than perfection } \\\text { standards }\end{array} \\\hline\end{array}$

• A)1
• B)2
• C)3
• D)4
• E)5

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Definitions:

Goods

Physical items that are produced and can be traded or used to satisfy wants and needs.

Weak Axiom

A less stringent version of a mathematical axiom used in economics and decision theory that deals with the consistency of consumer choices under varying circumstances.

Revealed Preference

A concept in consumer theory stating that the preferences of consumers can be revealed by their purchasing habits.

Prices

The price in money anticipated, needed, or given in exchange for a commodity.