A Difference in Wages That Reflects Differences in the Nonpay

question 319

Multiple Choice

A difference in wages that reflects differences in the nonpay features of two jobs is called

• A)a compensating differential.
• B)a wage adjustment.
• C)an efficiency wage.
• D)a minimum wage.

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Definitions:

National Defense

The protective measures taken by a nation in order to defend itself against potential aggressors, including military forces and defense strategies.

Public Goods

Are goods that are non-excludable and non-rivalrous, meaning they can be consumed by one person without preventing the consumption of the good by another, and no one can be effectively excluded from using the good.

Government-Imposed Taxes

Levies authorized by the government on individuals, corporations, and goods.

Internalized

The process of incorporating or taking within oneself, often used in economics to describe the absorption of external costs or benefits by an entity.