A General Definition of Law Is

question 51

Multiple Choice

A general definition of law is

• A) legislative codes enacted by authorized legislative bodies.
• B) judge-made rules handed down through judicial opinions.
• C) authoritative rules made by government.
• D) extensive reliance on detailed legislation.
• E) law detailing disposition of decedents' estates and trusts.

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Definitions:

Wage Rate

The amount of money paid to an employee by an employer in exchange for work performed, usually expressed per hour, day, or piece.

Unionization

The process of organizing workers into a union, a collective organization that negotiates with employers over wages, working conditions, and other labor issues.

Retail Trade

The selling of goods and services directly to consumers, typically in small quantities.

Marginal Labor Cost

The additional cost incurred by hiring one more unit of labor or the cost of producing one additional unit of output with an additional unit of labor.