In the Following Diagram Showing the Relationship Between the Price

question 9

Multiple Choice

In the following diagram showing the relationship between the price of good X relative to the price of good (P_X/P_Y) and the wage rate relative to the return to capital or rental rate on capital (w/r) ,

good X is the relatively __________ good at (w/r) values less than (w/r) , and good X is __________ good at (w/r) values greater than (w/r) . [Note: The (P_X/P_Y) associated with (w/r) is the highest (P_X/P_Y) on the graph.]

• A) labor-intensive; also the relatively labor-intensive
• B) labor-intensive; the relatively capital-intensive
• C) capital-intensive; the relatively labor-intensive
• D) capital-intensive; also the relatively capital-intensive

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Definitions:

HR Planning

The strategic process of forecasting an organization's future human resources needs and developing plans to meet those needs.

Process Management Skills

The abilities required to effectively oversee and optimize organizational processes to achieve efficiency and quality outcomes.

Contingency Plans

Plans to be implemented when severe, unanticipated changes to organizational or environmental factors completely negate the usefulness of the existing HR forecasting predictions or projections.

Scenarios

Proposed sequence of events with their own set of assumptions and associated program details.