The Economic Concept of Value Refers to Cases in Which

question 23

Multiple Choice

The economic concept of value refers to cases in which:

• A) The administration of a company determines the wage.
• B) The wage is determined by the average value of the inputs, such as skill, effort, responsibility, etc
• C) The wage is determined by collective agreements.
• D) The wage is determined by the additional output produced by the marginal worker.
• E) The wage is determined by the value output produced by an additional unit of labour.

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Definitions:

Meaning in Existence

A philosophical concept that refers to the significance or purpose one finds in life.

Humanist Approach

A psychological perspective that emphasizes the study of the whole person and the uniqueness of each individual.

Intuitively Appealing

A characteristic of an idea or concept that seems correct or attractive based on intuition or an immediate understanding, without the need for deep analysis.

Operationally Define

The process of strictly defining variables into measurable factors to clarify how they will be observed and measured in a study.