Which of the Following Is an Activity in the HR

question 11

Multiple Choice

Which of the following is an activity in the HR management and payroll cycle?

• A)Recording hours spent on a project
• B)Authorisation of changes in personnel details
• C)Controlling access to the list of authorised suppliers
• D)Calculating variances between labour used and budget

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Definitions:

Normal Profits

The minimum profit necessary for a company to remain competitive in the market, often equated to the opportunity cost of capital.

Allocative Efficiency

A state of the economy where resources are allocated in a way that maximizes the overall benefit to society.

Productive Efficiency

A point at which an economy operates at the lowest possible cost by utilizing all of its resources efficiently.

Pure Nondiscriminating Monopolist

A monopolist who charges all consumers the same price for a good or service, regardless of the quantity purchased or consumer preferences.