The Concept of Opportunity Cost in a Fully Employed Economy

question 184

Multiple Choice

The concept of opportunity cost in a fully employed economy with technology and resources held constant tells us that

• A)expansion of output in one industry means expansion cannot occur in another industry.
• B)expansion of output in one industry means output in another industry must contract.
• C)output cannot be increased in any industry.
• D)output of all industries must contract until more resources are found.

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Definitions:

HR Supply Analysis

The process of determining the future supply of human resources available within an organization, accounting for factors like retirements, promotions, and turnovers.

Skills Inventories

Databases or lists that track the abilities, qualifications, and experiences of an organization's employees.

Management Inventories

An assessment or compilation of the skills, abilities, and potential of the management team within an organization.

Retention Policy

Guidelines and practices aimed at retaining employees in an organization by ensuring job satisfaction and career opportunities that reduce turnover rates.