All of the Following Are Conditions Under Which the Greatest

question 27

Multiple Choice

All of the following are conditions under which the greatest utility gain would be realized from a new staffing system except

• A)the dollar value of the jobs in question is high.
• B)there are many candidates for only a few positions.
• C)the validity of the new system is higher than that of the old system.
• D)the cost of testing for the new system is higher than for the existing system.

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Definitions:

Consumer Surplus

The disparity between the total price consumers are ready and able to pay for a service or product and what they end up paying.

International Trade

The exchange of goods and services between countries, which allows for greater variety of consumption and efficiency in production.

Trade Restrictions

Government-imposed limitations on the exchange of goods and services between countries, including tariffs, quotas, and embargoes.

Free Trade

is a policy followed by some international markets in which countries' governments do not restrict imports from, or exports to, other countries.