Merit Pay Is a System of Linking Pay Increases to Ratings

question 109

True/False

Merit pay is a system of linking pay increases to ratings on performance appraisals.

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Definitions:

Deadweight Loss

A loss of economic efficiency that occurs when the equilibrium for a good or a service is not achieved or is not achievable.

Quota

A government-imposed trade restriction that limits the number or monetary value of goods that can be imported or exported during a specific time frame.

Tariff

Tariff is a tax imposed on imported goods and services to regulate trade and to increase government revenue.

International Trade

International trade involving the transfer of goods and services between countries or areas.