If a Certain Nominal Scale, Applied to a Single Group

question 64

Multiple Choice

If a certain nominal scale, applied to a single group of subjects, showed observed frequencies of 30, 25 and 20, the frequencies expected on the basis of chance would be

• A) 30, 25 and 20
• B) 30, 30 and 25
• C) 25, 30 and 25
• D) 25, 25 and 25

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Definitions:

VMPL Curve

The VMPL curve, or the Value of Marginal Product of Labor curve, represents the additional value created by employing one more unit of labor, holding other inputs constant.

Market Wage Rate

The prevailing rate of pay for a specific job in the competitive labor market, determined by supply and demand for labor.

Labor

The human effort, including physical and mental exertion, used in the production of goods and services.

Marginal Product

Marginal product refers to the increase in output that results from employing one more unit of a particular input while keeping other inputs constant.