In Terms of the Evolution of Payment and Exchange,wage Labor

question 10

Multiple Choice

In terms of the evolution of payment and exchange,wage labor is more developed than piecework payment because under wage labor:

• A) the employer assumes responsibility for the quality of the raw materials,the technology,and the production process.
• B) workers are paid not for a direct service but for the sum total of their services.
• C) workers control the pace and conditions of their labor.
• D) more personal relationships between worker and employer are created.

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Definitions:

Activity-based Costing

An accounting approach which attributes overheads and indirect costs to specific activities related to production, offering more precise cost information.

Limitation

A restriction or boundary that defines the scope or extent of something, such as a study or a project.

Direct Labour-based Costing System

A method of cost accounting that allocates expenses based primarily on the direct labor hours incurred in producing a product or delivering a service.

Overstated Costs

A situation where the reported cost of goods sold or expenses are higher than the actual costs incurred, potentially leading to a lower reported profit.