The Five Universal Job Factors Considered When Applying the Factor

question 19

Multiple Choice

The five universal job factors considered when applying the factor comparison method include all of the following except:

• A) Seniority.
• B) Skills.
• C) Physical effort.
• D) Mental effort.

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Definitions:

Economies of Scale

Economies of scale occur when a company reduces costs per unit due to an increase in production, typically achieved through operational efficiency and larger volume production.

Constant Returns to Scale

A situation in production where increasing all inputs by a certain factor results in output increasing by the same factor, indicating proportionate scalability.

AP

Advance Placement; a program in the United States and Canada offering college-level curriculum and examinations to high school students.

Economies of Scale

The cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale.