Matthew Spends 20 Minutes Studying for His Sociology Mid-Term,and Gets

question 18

Multiple Choice

Matthew spends 20 minutes studying for his sociology mid-term,and gets 60 percent.He spends one hour studying for his sociology final,and he gets 80 percent on the exam.What can we not conclude from this information?

• A)There might be a causal relationship between how much Matthew studied and the mark he received on the exam.
• B)There is a correlation between the time Matthew spent studying and the mark he received on his exam.
• C)The relationship between Matthew's studying time and his exam grades is completely spurious.
• D)While there is a relationship of some sort between Matthew's grades and time spent studying,many other variables might have been at play.

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Definitions:

Minimum Wage

The lowest legally permissible amount that workers can be paid by employers, usually set by government policy.

Principal-agent Problem

A conflict of interest that arises when one party (the agent) is expected to act in the best interest of another (the principal) but has incentives to act in their own interest.

Purely Competitive Labor Market

A resource market in which many firms compete with one another in hiring a specific kind of labor, numerous equally qualified workers supply that labor, and no one controls the market wage rate.

Rate of Unionization

The percentage of workers who are members of a union within a particular workforce or industry.