In a Job Evaluation,every Job in an Organization Is Examined

question 35

Multiple Choice

In a job evaluation,every job in an organization is examined and wages are set according to

• A) the educational qualifications needed for employment.
• B) the relative worth of the job to the organization.
• C) the value of employees holding the job.
• D) the job's level in the organizational hierarchy.

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Definitions:

Implicit Costs

Costs that represent the loss of potential income from resources when they are not utilized in their best alternative use.

Opportunity Cost

Forgoing possible gains from various alternatives by picking a specific one.

Personal Savings

The portion of an individual's income that is not spent on consumption and is saved for future expenses, investments, or emergencies.

Explicit Cost

Direct, out-of-pocket payments for the purchase of inputs or resources for business operations.