An Organization Should Create a Policy for Each of the Options

question 14

Multiple Choice

An organization should create a policy for each of the options it can use to mitigate a labor ______ when making new hires is not possible,outlining the circumstances in which each option is useful to the organization.

• A) shortage
• B) surplus
• C) force
• D) overage

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Definitions:

Production Possibilities Curve

A graphical representation that shows the maximum quantity of one good that can be produced for every possible quantity of another good produced, given available resources and technology.

Decreasing Opportunity Costs

A situation in which the opportunity costs of resources decrease as more of a good is produced.

Increasing Opportunity Costs

A situation where increasing production of one good requires larger and larger sacrifices in the production of another good due to limited resources.

Unemployment Rate

The ratio of the complete labor pool that is jobless yet is in active pursuit of employment and prepared to work.