The Wage Paid to Labour Is

question 32

Multiple Choice

The wage paid to labour is

• A) a factor input.
• B) part of the firm's normal profit.
• C) an input of the workforce.
• D) a factor output.
• E) a factor price.

---

Definitions:

Opportunity Cost

The cost of missing out on the next best alternative when making a decision.

Leisure Time

Time spent not working and free from domestic or professional duties, allowing for rest, recreation, or personal activities.

Unproductive Activity

Unproductive Activity is an economic term that describes actions or work that do not contribute to the production of goods or services or generate economic value.

Productive Activity

Productive activity involves processes or actions that contribute to the production of goods and services, thereby adding economic value.