"The Fact That a College Professor Who Has a Higher

question 65

Multiple Choice

"The fact that a college professor who has a higher marginal product earns a lower wage than a football coach,is proof that sports is valued more than education." Assuming that the markets for professors and coaches are competitive,one can conclude that this conclusion is essentially:

• A)accurate because the higher average wage shows that the demand for football coaches is higher than the demand for a faculty member.
• B)accurate because a higher marginal product indicates that college professors are more productive than football coaches and yet earn a lower wage.
• C)faulty because the number of professors employed is higher than the number of football coaches employed.
• D)faulty because wages depend not only on the marginal product of the worker but also on the price of the final product.

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Definitions:

Creative Choice

The decision-making process that involves thinking in new and innovative ways.

Financial Management

The strategic planning, organizing, directing, and controlling of financial undertakings in an organization or an individual's life.

Real Wealth

The tangible or material assets one possesses, as opposed to perceived wealth or status indicators.

Leisure Time

Free time spent away from business, work, domestic chores, and education, often engaged in recreational activities.