Oxford Industries Inc

question 21

Multiple Choice

Oxford Industries Inc. installed a new computer system to clock every worker's pace to a thousandth of a second and to determine each worker's pay and bonus scale on the basis of his or her performance against the standard. This is an example of:

• A) contingency theory.
• B) self-actualisation.
• C) administrative principles.
• D) scientific management.
• E) Fayol's principles of management.

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Definitions:

Exports

Goods or services produced in one country and sold to buyers in another, contributing to a nation's gross domestic product.

Balance of Trade Deficit

Occurs when a country's imports exceed its exports during a given time period, indicating that it is spending more on foreign trade than it is earning.

Net Exports

The value of a country's total exports minus its total imports. It is a measure used to calculate a country's aggregate expenditures.

Comparative Advantage

The ability of an individual or economy to produce goods or services at a lower opportunity cost than competitors, leading to more efficient trade and production.