Validity Is the Extent to Which Performance on a Measure

question 2

True/False

Validity is the extent to which performance on a measure is related to performance on the job.

Understand the concept of pure rent and its relationship to factors of production in fixed supply.

Identify the effects of changes in the value of land use on the supply of land for different purposes.

Appreciate the economic principles underlying the determination of land values and prices in different locations.

Learn the significance of market competition and how it influences factor markets and prices.

---

Definitions:

Labor Force

The total number of people, including both the employed and unemployed, who are actively engaged in or seeking work within an economy.

Unemployment Rate

The fraction of the labor force currently without employment but searching for jobs.

Labor Force

The total number of people who are eligible, willing, and able to work, including both the employed and those actively seeking employment.

Adult Population

The segment of the population that is of working age and eligible for employment, typically considered 18 years and older.