The Total Points Allocated to Each Job Description Resulting from the Point

question 5

Multiple Choice

The total points allocated to each job description resulting from the point rating method indicates:

• A) the worth of this job related to the worth of every other rated job in the organization
• B) the worth of this job related to the worth of every other rated job in the economy
• C) the worth of this job related to the worth of every other job in the same occupation
• D) the worth of this individual employee holding this job compared to the worth of individuals holding other jobs in the organization
• E) none of the above

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Definitions:

Absolute Advantage

The ability of a country or entity to produce a good using fewer resources than another producer, indicating higher efficiency.

Comparative Advantage

The ability of an entity to produce a good or service at a lower opportunity cost than its competitors, leading to more efficient trade benefits.

Opportunity Cost

The forfeiting of possible gains that could be obtained from exploring other options, when one is chosen.

Absolute Advantage

The capacity for a nation, person, corporation, or area to manufacture a product or render a service at a more affordable per-unit expense than what any other party can achieve.