Universal Dynamics Corporation Recently Was Awarded a $150,000 Federal Contract

question 119

Multiple Choice

Universal Dynamics Corporation recently was awarded a $150,000 federal contract. Thus, the government requires the corporation to engage in affirmative action related to

• A) recruitment and selection.
• B) compensation and hiring.
• C) training and development.
• D) hiring and firing.
• E) planning and interviewing.

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Definitions:

Diminishing Returns

A principle stating that if one factor of production is increased while other factors are held constant, the output per unit of the variable factor will eventually decrease.

Fixed Resources

Assets and inputs in production that remain constant regardless of the level of output.

Diseconomies of Scale

A condition in which a firm experiences an increase in average costs as it increases its output, due to factors such as inefficiencies or complexity.

Marginal Product

The change in total output that results from the employment of one additional unit of a resource.