Childcare Workers Often Get Paid Fairly Low Wages,yet It Is

question 56

Multiple Choice

Childcare workers often get paid fairly low wages,yet it is said that they have "the most important job in the world." This paradox can be resolved by

• A)distinguishing between price and value.
• B)distinguishing between marginal utility and total utility.
• C)noting that childcare yields no utility since it is a service.
• D)noting that marginal utility does not diminish for childcare.
• E)none of the above.

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Definitions:

Chi-squared Test

A chi-squared test is a statistical method used to assess the differences between observed and expected frequencies in one or more categories.

Expected Values

The long-term average or mean value of a random variable over numerous trials or occurrences.

Null Hypothesis

A default hypothesis that indicates no effect or no difference, and against which the alternative hypothesis is tested.

Proportions

The ratio of part to whole, expressed as a fraction or percentage, describing the relative size of parts within a population or a whole.