1. effort cannot be expended engaging in quality control. effort should not be e

Question

1.

effort cannot be expended engaging  in quality control. effort should not be expended  engaging in quality control. workers will attempt to produce  quality at the expense of quantity. workers will attempt to produce  quantity at the expense of quality. 2. An agent hired  by the owner of productive resources to control the production process  is: A laborer. A  self-proprietor. An assembly  worker. A firm manager. 3. As firms  increase in size, they tend to experience a decrease in the need for managers  needed. decrease in transaction  costs. loss of opportunity  cost. none of the statements associated  with this question are correct. 4. If a firm  manager has a base salary of $100,000 and also receive 5% of all profits, what  percentage of his/her final income will be from the profit sharing plan given  profit equals $1,500,000? 51%. 27%. 43%. 48%. 5. If a manager  desires to produce a large level of output, which compensation mechanism is most  effective? Spot check. Piece rate. Revenue  sharing. Profit sharing 6. Suppose a firm  manager has a base salary of $75,000 and earns 1.5% of all profits. Determine  the manager's income, if revenues are $10,000,000 and profits are  $5,000,000? $75,000. $150,000. $225,000. $300,000. 7. The cost to a  manager of doing a poor job running the firm is a decrease in his fixed  salary. a decrease in the profit of the  firm. a decrease in the sales of the  firm. an increase in the likelihood of  being replaced. 8. Which of the  following is NOT an implication of specialized investments that leads to  increased transaction costs? Costly  bargaining. Opportunism and the "hold-up  problem". Underinvestment in specialized  investments. Incentive contracts. 9. Which of the  following is not a benefit associated with producing  inputs within a firm? reduction in transaction  costs. gains of  specializing. reductions in  opportunism. mitigation of hold-up  problem. 10. Which of the  following is not an example of a piece rate compensation method? Paying typists a fixed amount per  page. Paying sewing machine operators a  flat amount per shirt sewn. Paying a carpenter to install a new  back porch. Paying an assembly line worker per  bolt put into car bodies.

Explanation / Answer

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9)mitigation of hold-up problem.

effort should not be expended engaging in quality control.

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