You Have Just Joined a New Team at Work

question 31

Multiple Choice

You have just joined a new team at work. After the first few weeks,you notice that everyone on the team gets together for lunch on Thursdays. No one says anything about it - it just seems to happen. As a result,you assume that "this is how we do things around here" and make sure you are always free to have lunch with the group on Thursdays. This is an example of _____.

• A) an explicit norm
• B) an implicit norm
• C) an explicit policy
• D) an implicit policy

Grasp the concept of "other things equal" and its importance in economic analysis.

Recognize the purposeful nature of economic decisions.

Differentiate between microeconomics and macroeconomics and their respective fields of study.

Understand the concept of opportunity costs and its application in decision making.

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Definitions:

Raw Materials Purchased

The total cost of all raw materials that a company buys during a period for use in production.

Total Manufacturing Costs

The sum of all expenses directly involved in the production of goods, including direct materials, direct labor, and manufacturing overhead.

Direct Labor

Labor costs for employees who are directly involved in the production of goods or services.

Manufacturing Overhead

The indirect factory-related costs that are incurred when a product is manufactured, which include costs such as utilities, depreciation, and maintenance of equipment.