An Employee Produces 15 Parts During a Shift in Which

question 22

Multiple Choice

An employee produces 15 parts during a shift in which he made $90. The labour content of the product is

• A) $90.
• B) $5.
• C) $6.
• D) $.167.
• E) $60.

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Definitions:

Circular Flow Model

An economic model that depicts how money and goods/services move through the economy in different markets between households and firms.

Resource Markets

Markets where resources like labor, capital, and raw materials required for production are bought and sold.

Workers

Individuals engaged in any form of labor, either employed or unemployed, contributing to the production of goods and services.

Production Costs

Production costs are the expenses incurred in the process of creating a product or service, including raw materials, labor, and overhead costs.