Which economic theory suggests that wages are determined by the supply and demand for labor in the market?
A) Classical Economics
B) Keynesian Economics
C) Neoclassical Economics
D) Marxist Economics
Answer: C) Neoclassical Economics
According to the efficiency wage theory, employers pay above-market wages in order to:
A) Attract skilled workers
B) Reduce labor turnover
C) Increase worker productivity
D) Maintain labor market competition
Answer: C) Increase worker productivity
Which of the following best describes the theory of compensating wage differentials?
A) Workers with higher skills earn higher wages
B) Higher wages are paid for more unpleasant or risky jobs
C) Wages are determined solely by market demand
D) Workers with longer tenure earn more
Answer: B) Higher wages are paid for more unpleasant or risky jobs
In Keynesian economics, what is the primary focus in terms of wage and employment determination?
A) Wage flexibility
B) Government intervention to reduce unemployment
C) The role of labor unions in wage setting
D) Long-term price stability
Answer: B) Government intervention to reduce unemployment
Which economic theory posits that wages are determined by the bargaining power of both labor and capital?
A) Classical economics
B) Marxist economics
C) Human capital theory
D) Bargaining theory
Answer: D) Bargaining theory
Job enrichment is a concept introduced to:
A) Increase job variety and reduce monotony
B) Simplify tasks to increase productivity
C) Standardize tasks to maintain control
D) Focus on individual tasks rather than teamwork
Answer: A) Increase job variety and reduce monotony
The process of determining the tasks and responsibilities required to perform a job is known as:
A) Job evaluation
B) Job specification
C) Job analysis
D) Job rotation
Answer: C) Job analysis
Which job design technique involves systematically moving employees between different tasks to reduce monotony?
A) Job rotation
B) Job enrichment
C) Job enlargement
D) Job specialization
Answer: A) Job rotation
Which of the following best describes team-based compensation?
A) Wages are based on the individual performance of each team member.
B) Compensation is awarded to teams based on their collective performance.
C) All employees receive the same pay regardless of their contribution.
D) Employees are compensated based on a fixed salary and no performance metrics.
Answer: B) Compensation is awarded to teams based on their collective performance.
In a team-based compensation structure, which of the following is a potential advantage?
A) Encourages healthy competition between team members
B) Increases individual accountability for results
C) Fosters collaboration and cooperation within the team
D) Reduces overall payroll costs
Answer: C) Fosters collaboration and cooperation within the team
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