Which of the Following Concepts Best Explains Why Newly Hired

question 68

Multiple Choice

Which of the following concepts best explains why newly hired workers may be paid more than longer tenure workers performing very similar work?

• A) Marginal revenue product
• B) Supply and demand
• C) Exchange value
• D) Internal labor market

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Definitions:

Montesquieu

A French political philosopher of the Enlightenment who articulated the theory of separation of powers, a foundation for many modern democratic governments.

Judicial Review

The power of courts to assess whether a law or governmental action is consistent with the Constitution and, if not, to declare it invalid.

Federalism

A political system that combines a general government (the federal or national government) with regional governments (states or provinces) in a single political system.

Shared Powers

Constitutional powers that are shared by both the state and federal government, allowing for a balance between centralized and local authority.