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Exam 7: Defining Competitiveness

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Question 1

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Employers tend to underestimate the importance of pay to employees and over estimate the role of relationships with the supervisor.

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Question 2

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In practice,organizations use skills and competencies to assess value of labor instead of marginal revenue product.

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Question 3

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Research on efficiency wage theory shows that:

If a friend told you they would not accept a job after graduating for less than $50,000 per year,they would be demonstrating the _________ theory.

Other things being constant,in a hiring scenario,the employer will continue to hire until the marginal revenue generated by the last hire is equal to the costs associated with employing that person.

The pay-mix component in which benefits is likely to be largest is _____.

The product market sets the floor on the minimum wage required to attract sufficient numbers of employees.

Combat pay premiums paid to military personnel offset some of the risk of being fired upon is an example of a lead pay-level policy.

A pay policy most likely to reduce pay dissatisfaction is _____.

External competitiveness is primarily determined by the impact of government regulations on the firm or industry.

A study of graduating students found students selected jobs based upon the match between their personalities and employers' pay policies.

Which of the following is not a factor explaining differences in pay offered to graduating college students?

Talented individuals have a higher marginal value in larger organizations.

The first assumption of labor market theories is that employers always seek to maximize penetration.

A small lawn care company has two mowers and four employees.If it hires another employee,how productive will productivity of the fifth employee compare to the current two employees?

According to efficiency-wage theory,how does increased wages increase efficiency and lower labor costs?

If Company A and Company B pay the same total compensation for a job,which of the following is most likely true?

In determining the compensation strategy,a major strategic decision is whether to mirror what competitors are paying.

Which of the following is not a consequence of level of competitiveness of total compensation?

The most influential theory explaining pay-level differences is marginal revenue productivity.