____ Was the First State to Enact a Worker's Compensation

question 369

Multiple Choice

____ was the first state to enact a worker's compensation law in 1911.

• A) Wisconsin
• B) Texas
• C) Virginia
• D) New York
• E) Illinois

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Definitions:

Normal Return

The minimum profit necessary to keep a factor of production in its current use, essentially the opportunity cost of using resources.

Investment

The allocation of resources, such as capital or time, into a venture with the expectation of generating future returns.

Retained Earnings

The portion of net income that is not distributed to shareholders but instead reinvested back into the company.

Tangible Capital

Physical assets owned by a firm that are used in the production process, such as buildings, machinery, and equipment.