An incentive system is a
A) method of organizing production that uses a market-like mechanism inside the firm.
B) method of organizing production that uses a managerial hierarchy.
C) set of rules that induce an agent to act in the best interest of a principal.
D) method of production that implements an assembly-line process.
A
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Over time, quotas usually lead to larger deadweight losses than tariffs
Indicate whether the statement is true or false
Economists think that the best way to determine the value of a human life is to
a. evaluate the value of a person's expected earnings in the labor market. b. evaluate the risks people are willing to take and what they would have to be paid to take them. c. determine a person's accumulated wealth at the time of death. d. do nothing; human life is priceless.