If the Marginal Productivity of Labor Was the Sole Determinant

question 188

Multiple Choice

If the marginal productivity of labor was the sole determinant of household income in the United States,then _____

• A)no households would be poor according to the official definition of poverty.
• B)no households would be poor according to the relative definition of poverty.
• C)the distribution of income would be unequal.
• D)every household would have sufficient income to meet the basic needs.
• E)there would be no need for government programs to redistribute income.

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Definitions:

Statistically Significant

A determination that the results observed in data are unlikely to be due to chance alone, according to a predefined threshold of probability.

Sample Averages

This refers to the mean value calculated from a sample of data, representing the central tendency of the sampled population.

Standard Deviations

A statistical measure that quantifies the variation or dispersion of a set of numerical data points around the mean of the data set.

Range

The difference between the highest and lowest values in a set of numbers, representing the spread or dispersion.