You Find That to Attract a Sufficient Number of Workers

question 62

Multiple Choice

You find that to attract a sufficient number of workers you have to pay them more dollars.Given the price of your output you determine you are paying your workers more in goods than before.Which of the following has risen?

• A)The real and nominal value of the wages you pay.
• B)The real but not the nominal value of wages you pay.
• C)The nominal but not the real value of the wages you pay.
• D)Neither the real nor the nominal value of the wages you pay.

Analyze the impact of extreme scores on measures of central tendency.

Understand the different levels of measurement and their characteristics.

Identify the appropriate conditions for using each level of measurement.

Know the definitions and characteristics of nominal, ordinal, interval, and ratio levels of measurement.

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Definitions:

Consumers

Individuals or entities that purchase goods and services for personal use or consumption.

External Costs

Costs incurred as a result of an economic activity that affects third parties who did not choose to incur that cost.

Free Enterprise

An economic system where private businesses operate in competition, largely free of state control, with the prices of goods and services determined by the open market.

Capital

Financial assets or the financial value of assets, such as buildings, machinery, and equipment, used to produce goods and services.