Looking at Wage Differentials Between Women and Men in Australia

question 33

Multiple Choice

Looking at wage differentials between women and men in Australia since 2000, we see that the amount of the difference

• A) has not changed.
• B) has decreased.
• C) has increased.
• D) at first increased but in the last decade it decreased.
• E) at first decreased but in the last decade it increased.

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Definitions:

Specialization and Exchange

This concept depicts how individuals, firms, and nations can increase their productivity through specialization in tasks they perform best and exchanging their outputs for other goods and services.

Modern Economies

Economic systems that are characterized by dynamic industrial, technological, and service sectors, often with complex financial and regulatory frameworks.

Specialization

Specialization refers to the process of focusing effort and resources on the production of a particular product or a limited scope of products, leading to increased efficiency.

Specialization and Trade

The economic strategy where individuals or nations focus on producing specific goods or services and exchange them, increasing efficiency and wealth.