The Worker Adjustment and Retraining Notification (WARN) Act Mandates That

question 67

Multiple Choice

The Worker Adjustment and Retraining Notification (WARN) Act mandates that employers give ____ days' notice about plant closings and mass layoffs.

• A) 30
• B) 60
• C) 90
• D) 120
• E) none of the above

Grasp the concepts of under-absorbed and over-absorbed overheads in cost management.

Identify the components and calculation of total overhead variance.

Understand the principle of worker productivity and its impact on earnings.

Define and calculate the marginal revenue product (MRP) of a resource.

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Definitions:

Internal Diseconomies

Increased per unit costs that occur when a firm or industry grows beyond a certain size, leading to inefficiencies.

External Diseconomies

Negative effects experienced by third parties or the general public due to the activities of a business or industry, not reflected in market costs.

Decreasing-Cost Industry

An industry where the cost per unit of output decreases as the scale of production increases is known as a decreasing-cost industry.

Long-Run Equilibrium

A state in which all factors of production and costs are variable, allowing for the adjustment of all inputs, leading to optimal allocation of resources in the market.