Question on: JAMB Economics - 2011
The money paid per hour for work done is
A
salary
B
wage rate
C
cost
D
bonus
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Correct Option: B
The money paid per hour for work done is the wage rate.
* **Wage rate:** This is the payment received for each hour of work.
* **Salary:** This is a fixed amount of money paid regularly (e.g., monthly or annually), often for professional or white-collar jobs, not necessarily tied to an hourly rate.
* **Cost:** This refers to the expenses incurred in producing goods or services.
* **Bonus:** This is an extra payment given in addition to the regular wage or salary, often based on performance.
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