In the Mid-1990s, Cattle Ranchers in the United States Kept

question 216

Multiple Choice

In the mid-1990s, cattle ranchers in the United States kept raising cattle even though prices were at a ten-year low and below average total cost.What is the likely explanation for this?

• A)Continuing to operate resulted in smaller losses than would have been incurred by shutting down.
• B)The ranchers were hoping to receive government subsidies.
• C)The exit costs were too high.
• D)Cattle is an important source of protein and its production is essential for the United States.

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Definitions:

Rating Error

A mistake or bias that occurs when evaluating an individual, typically in performance appraisals, leading to inaccurate or unfair assessments.

Calibration Meetings

Sessions in which managers or HR professionals discuss and align on performance standards, ratings, and development needs for employees to ensure consistency and fairness.

Performance Appraisal

The evaluation process by which an employee's job performance is assessed and documented by a manager or supervisor.

Calibration Meeting

Meeting at which managers discuss employee performance ratings and provide evidence supporting their ratings with the goal of eliminating the influence of rating errors.