An Individual Who Possesses a Specialized Skill That Is Difficult

question 29

Multiple Choice

An individual who possesses a specialized skill that is difficult to execute will

• A) necessarily receive wages considerably higher than those who lack this skill.
• B) receive a wage determined by the number of other persons possessing this skill.
• C) receive a high wage only when this skill is in great demand relative to its supply.
• D) receive a wage rate that is lower than similarly productive individuals who lack this skill.

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Definitions:

Dependent-Samples T Test

A statistical test applied to compare the means of two related groups of samples, typically used when the samples are paired or matched in some way.

Capital Intensity Ratio

A measure of how much capital is used in production, often expressed as the ratio of total assets to sales revenue.

Full Capacity

The maximum level of production or output that a facility can achieve under normal operating conditions.

Operating Capacity

The maximum output a company can produce under normal working conditions.