GoConqr has a new look! Let us know what you think.

Sign up free

Quiz

Economics: Wage payment methods

Valkyrie S 15 questions

Take the quiz

This quiz has question types that open in the usual player.

Questions in this quiz (15)

  1. 1[blank_start]Piece[blank_end] rate is when workers are paid according to their [blank_start]output[blank_end]. It is adapted in industries where workers' contribution can be easily [blank_start]measured[blank_end], product [blank_start]quality[blank_end] can be easily [blank_start]monitored[blank_end] and products are [blank_start]standardized[blank_end].
    1. APiece
    2. Boutput
    3. Cmeasured
    4. Dmonitored
    5. Equality
    6. Fstandardized
  2. 2Advantages of piece rate: (to employers) Increased [blank_start]productivity[blank_end] due to increased working [blank_start]incentive[blank_end]. Lower cost for [blank_start]supervision[blank_end] against [blank_start]shirking[blank_end]. (to workers) Workers will be more hard-working because their [blank_start]income[blank_end] is [blank_start]positively[blank_end] related to [blank_start]output[blank_end] produced.
    1. Aproductivity
    2. Bincentive
    3. Cshirking
    4. Dsupervision
    5. Epositively
    6. Foutput
    7. Gincome
  3. 3Disadvantages of piece rate: (to employers) Increased cost to measure workers' [blank_start]contribution[blank_end]. [blank_start]Quality[blank_end] of products may decrease because workers may sacrifice [blank_start]quality[blank_end] for [blank_start]quantity[blank_end]. (to workers) Less income for [blank_start]lazier[blank_end] workers.
    1. Acontribution
    2. BQuality
    3. Cquality
    4. Dquantity
    5. Elazier
  4. 4[blank_start]Time[blank_end] rate is when workers are paid according to their work [blank_start]hours[blank_end]. It is adapted when workers' contribution is too [blank_start]costly[blank_end] to measure and when [blank_start]high[blank_end] product quality is required.
    1. ATime
    2. Bhours
    3. Ccostly
    4. Dhigh
  5. 5Advantages of time rate: (to employers) No need to measure workers' [blank_start]contributions[blank_end]. Improved product [blank_start]quality[blank_end]. (to workers) More [blank_start]stable[blank_end] income.
    1. Acontributions
    2. Bquality
    3. Cstable
  6. 6Disadvantages of time rate: (to employers) [blank_start]Shirking[blank_end] may happen because workers' income is [blank_start]unrelated[blank_end] to their [blank_start]contribution[blank_end]. Higher [blank_start]administrative[blank_end] cost to [blank_start]supervise[blank_end] workers. (to workers) Unable to increase income by working [blank_start]harder[blank_end].
    1. AShirking
    2. Bunrelated
    3. Ccontribution
    4. Dadministrative
    5. Esupervise
    6. Fharder
  7. 7Basic salary and commission: Workers are paid a regular [blank_start]basic salary[blank_end] plus a [blank_start]performance[blank_end]-based commission, which is calculated as a certain percentage of the [blank_start]sales volume[blank_end]. Combines features of [blank_start]piece[blank_end] and [blank_start]time[blank_end] rate. Suitable for jobs where output is easy to [blank_start]measure[blank_end] but not [blank_start]standardized[blank_end].
    1. Abasic salary
    2. Bperformance
    3. Csales volume
    4. Dpiece
    5. Etime
    6. Fstandardized
    7. Gmeasure
  8. 8Advantages of basic salary plus commission: (to employers) Part of the [blank_start]business risk[blank_end] can be shifted to workers. Less [blank_start]supervision[blank_end] against [blank_start]shirking[blank_end]. Strong [blank_start]incentive[blank_end] for workers to produce [blank_start]better[blank_end] service. (to workers) Workers will be more hard-working as they can [blank_start]earn[blank_end] more by doing more business.
    1. Abusiness risk
    2. Bsupervision
    3. Cshirking
    4. Dincentive
    5. Eearn
    6. Fbetter
  9. 9Disadvantages of basic salary plus commission: (to employers) [blank_start]Higher[blank_end] cost of calculating [blank_start]payments[blank_end]. (to workers) [blank_start]Unstable[blank_end] income.
    1. Apayments
    2. BUnstable
    3. CHigher
  10. 10Profit-sharing schemes: A portion of the [blank_start]profit[blank_end] is distributed to workers as a wage payment. Commonly used among [blank_start]supervisors[blank_end] or [blank_start]managers[blank_end] whose performance is [blank_start]decisive[blank_end] to the firm's profits.
    1. Aprofit
    2. Bsupervisors
    3. Cmanagers
    4. Ddecisive

Information

Description
International Baccalaureate Economics Quiz on Economics: Wage payment methods, created by Valkyrie S on 17/05/2016.
Language
English
Views
0
Tags
economicsinternational baccalaureate
Rating
No ratings yet
Rate this quiz
Rate this quiz

Feedback

What is it about?

What do you think of the new look?

How do you like it?