Job Descriptions

question 91

Multiple Choice

Job descriptions:

• A) require the rating of each position described.
• B) list all the compensable factors of a particular job.
• C) consist of worker characteristics necessary for successful performance.
• D) identify, define, and describe each job in terms of its duties, responsibilities, and working conditions.

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Definitions:

Implicit Costs

The opportunity costs associated with a firm’s use of resources that it owns. These costs do not involve a direct money payment. Examples include wage income and interest forgone by the owner of a firm who also provides labor services and equity capital to the firm.

Total Cost

The complete amount of money required for the production of a specific quantity of goods or services, including both fixed and variable costs.

Average Total Cost

The total cost divided by the quantity produced, representing the per-unit cost of production.

Marginal Costs

The expense involved in the production of an additional unit of a product or service.