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Dr. Aykroyd's formula is associated with determination of
fair wages
minimum wages
living wages
real wages
- Dr. Aykroyd's formula is known for its relevance to wage determination.
- Option 1: Fair wages - Typically considered more equitable than minimum wages but not specifically Dr. Aykroyd's focus.
- Option 2: Minimum wages - Correct. Dr. Aykroyd's formula was used to estimate the minimum wage level necessary to meet basic nutritional and living standards based on calorie intake and cost of living.
- Option 3: Living wages - Encompasses more than basic survival, aiming for a standard that supports well-being, but not directly associated with Aykroyd’s work.
- Option 4: Real wages - Reflects purchasing power, adjusting nominal wages for inflation, not related to Aykroyd’s formula.
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