The Difference Between Total Factor Productivity (TFP) and the Stock

question 83

Multiple Choice

The difference between total factor productivity (TFP) and the stock of ideas is that:

• A) TFP grows and ideas are fixed
• B) TFP is fixed and ideas can grow
• C) TFP is nonrivalrous and ideas are not
• D) TFP is rivalrous and ideas are not
• E) There is no difference.

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Definitions:

Scientific-Management

A management theory focusing on improving economic efficiency, especially labor productivity, by scientifically studying work methods and setting performance standards.

Individual Initiative

The action of taking the first step or move without prompt from others, showcasing autonomy and proactivity.

Transactional Leader

A leadership style focused on supervision, organization, and performance, where reward and punishment are used as key motivators.

Rewards for Effective Work

Incentives or benefits given to employees as recognition for successful performance or achievements in their job roles.