When Are Hourly Rates Preferred to Piece Rates

question 144

Multiple Choice

When are hourly rates preferred to piece rates?

• A) when it is difficult to measure output
• B) when employees demand it
• C) when wage equality isn't very important
• D) when one person is much better than the rest

Identify the importance of natural resources and human capital in the economic development of a country.

Understand the role of international organizations and assistance in the economic development of countries.

Recognize the barriers to and benefits of trade liberalization and free trade policies in developing countries.

Acknowledge the role of education in facilitating technological changes and the acceptance of new ideas.

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Definitions:

Quantity Supplied

The total amount of a good or service that producers are willing and able to sell at a given price.

Equilibrium Price

The price level at which the market's offered goods and demanded goods are in balance.

Total Surplus

The sum of consumer surplus and producer surplus, representing the total benefits to society from a market transaction.

Equilibrium Price

The market valuation where the supply of products equals the demand for products.