When the Net Benefits of All Economic Activities Are Not

question 52

Multiple Choice

When the net benefits of all economic activities are not maximized, economists say the allocation of resources is _______ .

• A) inefficient
• B) incorrect
• C) efficient
• D) poorly done

Grasp the relationship between human resource planning and strategic human resource management.

Understand the concept of core capabilities and their components within an organization.

Recognize the importance of environmental scanning in the strategic planning process.

Appreciate the strategic intent and alignment of organizational activities towards strategic goals.

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Definitions:

Minimum-Wage Law

Legislation that establishes the minimum amount per hour that employers must pay their employees.

Labor Shortage

A condition in which employers do not have enough employees to fill the available job vacancies.

Minimum Wage Laws

Legislation that sets the lowest hourly wage rate that an employer can legally pay its employees.

Natural Rate

A theoretical concept referring to the equilibrium level of a variable, such as unemployment or interest, under normal economic conditions without short-term distortions.