Question
1: All of the following are elements of the new economics of personnel theory involving the compensation of workers with the exception of: A: The
1: All of the following are elements of the "new economics of personnel" theory involving the compensation of workers with the exception of:
A: The spot market for labour
B: Game theory (strategic behavior)
C: Monitoring costs
D: Asymmetric information regarding the worker's true productivity
E: Uncertainty
2: Fill in the blanks in the following sentence. In the framework of efficient labour contracts, principals refer to..........while agents refer to the..........
A: Customers; workers
B: Workers; employers
C: Employers; workers
D: Employers; governments
E: None of these above
3: The tournament prize mechanism is sometimes utilized to explain which of the following phenomena?
A: A compressed wage structure
B: The elicitation of effort from the worker
C: Pay that is matched closely to the worker's marginal productivity
D: Deferred compensation
E: Very high salaries that appear to be exorbitant paid to a few workers
4: All of the following are typical attributes of very highly paid corporate executives with the exception of:
A: Extremely able and successful at accomplishing a number of tasks
B: An ability to recognize problems and challenges at a detailed level
C: Very strong communication skills
D: Presence in high-variance industries in which decision making can have high payoffs
E: An ability to strategize and manage at a general level
5: What would likely occur if we were to ban mandatory retirement?
A: The productivity profiles would shift upward, as workers would become more productive throughout their career.
B: Wage profiles would more closely approximate the productivity profiles
C: There would be less monitoring and evaluation of workers
D: Labour force participation rates would fall
E: Many older workers would postpone their retirement
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