FDS Is a Government Agency Which Holds Its Yearly Appraisals

question 103

True/False

FDS is a government agency which holds its yearly appraisals in December and provides employees with merit-based incentives based on their individual performance ratings. Merit is the only criterion for incentives at FDS and this is likely to have a strong positive impact on group performance.

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Definitions:

Long Run Aggregate-Supply

In economics, it represents the total quantity of goods and services that producers in an economy are willing and able to supply at a full employment level, regardless of the price level, over a long period.

Long-Run Equilibrium

A state in which all factors of production are optimally allocated, and firms in a competitive market have no incentive to change their output level or enter/exit the industry.

Expected Price Level

The anticipated average level of prices in the economy for goods and services, often considered in the context of inflation expectations.

Aggregate Supply

The total supply of goods and services produced within an economy at a given overall price level in a given period.