Aristotle's Concept of the "Golden Mean" Is

question 55

Multiple Choice

Aristotle's concept of the "Golden Mean" is:

• A) A principle which results in the same decisions for all persons.
• B) Relative to each individual and their situation.
• C) A means of maximizing the greatest good for the greatest number.
• D) A way of doing what is best for society.

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Definitions:

Price Level

The averaged-out price for the total spectrum of goods and services in the economy.

Nominal Wage

The wage paid to workers stated in current money terms, without adjustment for inflation.

Real Wage

The purchasing power of an individual's income, accounting for inflation and reflecting how many goods and services can be bought.

Nominal Wages

Wages paid to employees not adjusted for changes in price level, representing the monetary value of earnings.