In considering real-world situations, we must recognize the fact that by "wages" in this chapter, we...

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Multiple Choice

total price that employers pay to obtain labor.
total income earned by households.
total compensation of workers.
total of direct payments and fringe benefits to workers.

Expert Solution

Option 2

total income earned by households.

the total income earned by households may contain income from all sources and wages includes the amount paid to labors which include direct and in-kind benefits.

Rahul Sunny answered 2 years ago

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