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Wage Rate Determination Flashcards | StudBud

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Wage Rate Determination

8 terms·StudBud Administration·196 plays

How are wage rates determined in labour markets?

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Questions 8

Answers

1
An increase in supply of labour may be caused by...
The government increasing the retirement age
The government increasing levels of regulation
The government increasing social security payments
The government lowering personal allowance
2
The average wage in the UK for the tax year ending April 5th 2015 was... (Full Time)
£27600
£42300
£22200
£35800
3
Who is the UK's biggest employer?
Amazon
McDonalds
The NHS
The Army
4
Wage rates are determined by...
Government Intervention
The Power of Trade Unions
Supply and Demand
The Marginal Revenue Product Curve
5
The level of unemployment in the UK is currently... (ONS: 19 Oct 2016)
4.9%
6.2%
8.1%
3.6%
6
An increase in demand for labour may be caused by...
The price of capital decreasing
Worldwide Recession
The price of capital increasing
An increase in net migration
7
The supply curve of labour to an industry is...
Upward sloping as more labour will be supplied at high wages
Upward Sloping due to Diminishing Marginal Returns
Downward sloping due to income and substitution effects
Downward sloping due to high levels of competition
8
How many hours does the average UK employee work per week?
28.6
38.7
32.2
35.5