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