The Absolute Judgment Format Permits Comparison Ratings of Individual Workers

question 65

True/False

The absolute judgment format permits comparison ratings of individual workers in different work groups by various managers.

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Definitions:

Income Effect

The change in an individual’s or economy’s income and how that change affects the quantity demanded of a good or service.

Hourly Wage

The amount of money paid for each hour of work, often set by an employer or by legal minimum wage laws.

Substitution Effect

The economic principle that as prices rise or income decreases, consumers will replace more expensive items with less costly alternatives.

Income Effect

Variations in the income of an individual or an economy and the subsequent effects on the demand for goods or services.