Increasing Opportunity Cost Implies That

question 129

Multiple Choice

Increasing opportunity cost implies that

• A) producing additional units of one good results in proportionately smaller reductions in the output of the other good.
• B) producing additional units of one good results in increasing amounts of lost output of the other good.
• C) the production possibilities frontier will be a straight line.
• D) the society will be producing inside its production possibilities frontier.

Grasp the significance of aligning SIHRM practices with the firm's strategic goals.

Acknowledge the importance of understanding local labor markets, industries, and culture for SIHRM.

Learn about the different approaches to SIHRM.

Realize the importance of leadership, stress-management, and career planning in the success of international operations.

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Definitions:

Factors of Production

The resources used in the creation of goods and services, traditionally categorized into land, labor, capital, and entrepreneurship.

Opportunity Cost

The real cost of an item: what you must give up in order to get it.

Explicit Cost

Direct, out-of-pocket payments for expenses incurred in business operations, such as wages, rent, and materials.

Monetary Cost

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