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Let Xij = Gallons of Component I Used in Gasoline

question 53

Multiple Choice

Let xij = gallons of component i used in gasoline j. Assume that we have two components and two types of gasoline. There are 8000 gallons of component 1 available, and the demand gasoline types 1 and 2 are 11,000 and 14,000 gallons, respectively. Write the demand constraint for gasoline type 1.

Understand the process and importance of job analysis in human resource management.

Recognize the various sources and methods of employee recruitment, including their advantages and disadvantages.

Identify the components and significance of a job description and job specification.

Understand the legal and ethical considerations in hiring, including anti-discrimination laws.

Definitions:

Autarky

A situation in which a country does not trade with other countries.

Comparative Advantage

The advantage conferred on an individual or country in producing a good or service if the opportunity cost of producing the good or service is lower for that individual or country than for other producers.

Absolute Advantage

The advantage conferred on an individual or country in an activity if the individual or country can do it better than others. A country with an absolute advantage can produce more output per worker than other countries.

Ricardian Advantage

A theory in economics that suggests countries should specialize in producing and exporting goods in which they have a relative productivity advantage.