Wage Determination - SS2 Economics Past Questions and Answers - page 1
1
What is wage determination?
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A
The process by which wages or salaries are set in a particular job market.
B
The process by which workers negotiate with employers for better working conditions.
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C
The process by which employers decide how much to pay their employees.
2
What are some factors that influence wage determination?
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A
Supply and demand for labour, level of education and skills required for a job, and bargaining power of workers and employers.
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B
The political climate and economic conditions.
C
The number of workers in a particular industry.
3
How do employers attract and retain skilled workers?
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A
By offering a wage or salary that is competitive with other employers in the same job market.
B
By lowering the wages of their employees.
C
By increasing the number of hours their employees work.
4
What role can unions play in wage determination?
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A
They have no role in wage determination.
B
They negotiate with employers for better wages and working conditions.
C
They decide how much employers should pay their workers.
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5
What are some factors that can influence wage determination?
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6
How do employers retain skilled workers?
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