Choose the Factual Statement Concerning Wages

question 62

Multiple Choice

Choose the factual statement concerning wages:

• A)An employer's financial capabilities are irrelevant to the question of fair wages.
• B)A fair wage is whatever an employee is willing to accept.
• C)Extrinsic,non-job-related considerations are often relevant to setting fair wages.
• D)A fair wage presupposes a fair work contract.

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Definitions:

Neoclassical Economics

A framework in economics focusing on the determination of goods, outputs, and income distributions in markets through supply and demand, emphasizing rationality and marginal utility.

Sense of Fairness

An individual's perception of the balance and justice in social interactions and distribution of resources.

Dictator Game

A behavioral experiment that tests how fairly individuals act towards others when given the unilateral power to determine the distribution of a resource.

Nudges

Subtle policy measures or cues that encourage people to make decisions that are in their broad self-interest without restricting their freedom of choice.