Which of the Following Statements About Wage Setting Is True

question 38

Multiple Choice

Which of the following statements about wage setting is true?

• A) Most workers in Australia have their wages set by collective bargaining.
• B) Most workers in Australia have their wages set by owner- managers of incorporated enterprises.
• C) Most workers in Australia have their wages set by awards.
• D) The minimum wage in Australia is about 75% of the average wage.
• E) Collective bargaining plays a more important role in Japan and most European countries than in Australia.

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Definitions:

Strawberry Pickers

Laborers who specialize in the harvest of strawberries, often requiring manual dexterity and speed.

Supply of Strawberries

The supply of strawberries indicates the total quantity of strawberries that producers are willing and able to sell at a given price over a specific period.

Market Economy

An economic system where decisions regarding investment, production, and distribution are based on supply and demand, with minimal governmental intervention.

Distribution of Output

The way total production is spread across different agents or locations in the economy.