Examlex
If an intelligence test administered to 4ᵗʰ graders correlates strongly with their 4ᵗʰ grade teachers' estimates of their intelligence,it can be concluded that the test has high __________ validity.
Variable Input
Variable Input refers to any input in the production process that varies with the level of output, such as labor, raw materials, and energy, in contrast to fixed inputs which remain constant regardless of the level of production.
Fixed Inputs
Resources or factors of production that cannot be easily increased or decreased in the short term, such as buildings or machinery.
Marginal Product
The additional output resulting from a one unit increase in a particular input, holding other inputs constant.
Labor
The effort by workers to produce goods or provide services in exchange for payment.
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