1____ refers to the average of the array of rates paid by an employer.a. cost of the companyb. remunerationc. compensationd. pay level2Pay level decisions have a significant impact on expenses. Other things being equal, the higher the pay level, the higher the:a. marginsb. labor costsc. return on investmentsd. fixed cost3Which of the following is nota reason a company might pay base wages above market competitors?a. employees are more productiveb. turnover will be lowerc. competitor production costs are lowerd. to attract more job applicants4If Company A and Company B pay the same total compensation for a job, which of the following is most likely true?a. base pay is the sameb. benefits costs are the samec. the pay mix differsd. the pay mix is the same5Which of the following is an example of a quoted-price?a. a product on e-bayb. a product on pricelinec. a used card. a product on amazon6____ is an example of a boursea. the stated starting wage of a job in an adb. the total compensation for a top athletec. the price of a product on amazond. the price of a box of cereal at a grocery store7
All of the following except the ___ shape external competitivenessa. skill level of employeesb. nature of demandc. industry strategyd. level of production demand8Which of the following is an example of the demand side of labor?a. level of pay applicants will acceptb. qualification of applicantsc. pay level offered by an employerd. locations of potential employees9The market pay rate is the:a. min. wage rate set by the department of laborb. pay rate at which applicants will accept a jobc. going rated. point which supply and demand lines cross10Output associated with hiring an additional person, holding constant other production factors, is referred to as:a. productivityb. the marginal product of laborc. incremental productivityd. the marginal revenue product of labor11Employers continue to hire until marginal revenue of the last hire equals their wage rate because as per the first labor market theory assumption:a. markets are competitiveb. pay rates reflect all costs of employmentc. employers seek to maximize profitsd. workers are homogeneous and interchangeable12In a hiring situation, considering that other potential costs will not change in the short run, the level of demand that max. profits is that level at which the ___ of the last hire is equal to the ___ for that hirea/ demand factor; supply factorb. marginal output; market pricec. incremental output; marginal outputd. marginal revenue; wage rate13Considering the third assumption of labor market theory, although some
firms find lowering the job requirements and hiring less-skilled workers a better choice than raising wages, this choice incurs:a. lower marginal productivityb. increased training costsc. decreased marginal outputd. higher recruitment costs14The assumption of the upward sloping supply curve may not hold when ____a. wages are lowb. wages are highc. unemployment is lowd. unemployment is high15
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- Winter '14
- A. Base pay