A Labor System Whereby a Limited Number of Workers Can

question 56

Multiple Choice

A labor system whereby a limited number of workers can be certified to work in a particular field but are of higher ability because of the training necessary for certification will cause

• A)the demand for these workers to decrease.
• B)the wage paid to these workers to decrease.
• C)the supply for these workers to increase.
• D)the supply curve for these workers to become vertical at some point.

---

Definitions:

Sample

A subset of individuals or objects taken from the population of interest, used for statistical analysis.

Simple Random Sampling

A sampling method where each member of a population has an equal probability of being selected into the sample.

Sample Mean

The sample mean is the average value of a sample of data, calculated by summing all data points and dividing by the number of points.

Random Variable

A variable whose values depend on outcomes of a probabilistic phenomenon.