Economists Who Study Labour Markets Have Discovered That

question 147

Multiple Choice

Economists who study labour markets have discovered that:

• A)only about five per cent of wage differences are related to chance
• B)ability, effort and chance are likely to be significant contributors to wage differences
• C)ability is not difficult to measure, but is largely insignificant in explaining wage differences
• D)work effort is difficult to measure, but is not likely to contribute much to an explanation of wage differences

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Definitions:

Fair Value

The price that would be received for an asset if it were sold today.

Face Value

The face value or monetary amount shown on a financial document, like a bond or share certificate.

Accounts Receivable Turnover

A financial metric indicating how many times a company collects its average accounts receivable balance in a period.

Net Realizable Value

The estimated selling price of goods, minus the costs of their sale or disposal, used to evaluate inventory for accounting purposes.