HRER 313 (COMP) Quiz 3

Which of the following is an assumption held by the labor supply model about the behavior of potential employees?

Job seekers do not face barriers to mobility.

Example of the demand side of labor.

The pay level offered by an employer.

according to the efficiency wage theory, high wages may actually

lower labor costs.

The estimates of competitors' pay rates will be incorrect and the pay level and pay mix inappropriately established if

markets are incorrectly defined.

In most organizations, the responsibility for conducting pay surveys lies with

outside consultants.

Evidence shows that in manufacturing, what is positively correlated with hourly wage level?

productivity

The first major decision in setting externally competitive pay and designing the corresponding pay structures is to

specify the employer's competitive pay policy.

Reasons why employer adjust pay levels:

· Ability to pay · Performance · Overall movement of pay rates by competitors

In the United States, What is a major source of publicly available pay data, and it also calculates the consumer price index?

Bureau of Labor Statistics

focuses attention on the competitive positions reflected in the pay relationships among organizations.

External competitiveness

theory is based on the premise that higher earnings flow to those who improve their potential productivity by investing in themselves.

Human Capital

Which of the following is true of the marginal revenue product model?

It helps separate the contributions of labor from those of other resources.

puts a lid on the maximum pay level an employer can set.

The Product Market

measures reveal competitors' use of performance-based cash payments.

Total cash

The process of matching survey jobs by applying an employer's plan to the external jobs and then comparing the worth of the external job with its internal "match" is called

benchmark conversion.