Answer the following questions as completely and concisely as possible. Cover each question's most subtle and insightful points. However, superfluous detail will not be awarded points. 1. Firms use incentive pay to illicit worker productivity (20 points). a. What factors determine whether a firm uses time-rate versus piece-rate compensation? b. If piece-rate motivates more work, why do firms offer any other pay scheme? c. Compare and contrast time-rate, piece-rate, and tournament-pay packages. d. List and define five areas of personnel economics. Who is identified as the founder of personnel economics? 2. The theory of Human Capital addresses the economic value of a worker's skills, tangible, and intangible aspects of humans with their economic environment. a. What is the allocation rule for whether or not an individual attends college or enters the labor force after high school graduation? b. What is the allocation rule for whether an individual enters the labor force after attending college? c. Who pays for general training? Who pays for job-specific training? d. Discuss education to increase labor productivity. Discuss education as a screening device. What is the evidence for each and in your opinion, which is more convincing