The Owner of a Growing Business Wonders When to Hire

question 87

Multiple Choice

The owner of a growing business wonders when to hire a human resource manager.The most likely time would be when:

• A)labour turnover rate is high.
• B)total employment exceeds 75.
• C)employees are not unionised.
• D)morale is high.

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Definitions:

Monetary Cost

The amount of money that must be paid or spent to acquire goods, services, or assets.

Implicit Cost

The opportunity costs that arise from using assets, resources, or funds in specific ways rather than the next best alternative.

Capital

The total value of assets owned by an individual or firm—physical assets plus financial assets.

Opportunity Cost

The cost of the next best alternative foregone as the result of making a decision.