40 U.S.C. The following data give the hourly wage rates (Rands) for a sample of 20 workers selected from a large company. b) The wage rates of workers who are paid by results shall continue to be established in accordance with Article 101 of the Labor Code, as amended and its implementing regulations. b. the share of the national product attributable to labor as a factor in production. 3. B. hire 30 workers and pay wage rate? PDF 327 Question Paper Booklet Code : A or include the entire wage determination and clearly . Required wage rate Required wage rate means the rate of pay which is the higher of: (1) The actual wage for the specific employment in question; or (2) The prevailing wage rate (determined as of the time of filing the LCA application) for the occupation in which the H-1B, H-1B1, or E-3 nonimmigrant is to be employed in the geographic area of intended employment. This means that highly productive workers are highly paid, and less productive workers are less highly paid. All are paid an overtime wage rate that is 1.5 times their respective regular wage rates. Fill in the blanks: . C)economic profits. A) 0 B) 1 C) 2 D) 3 15) 16) Refer to the following table. Our standard of living depends on our ability to produce goods and services. c. Wide gaps exist between wages and salaries of employees in the organized sector and of those in the unorganized sector, the latter earning much less than the former. B) $72,000. (c) The average income is the same as per capita income. Ans. 19) 20)The difference between the market price of a new car used by a firm and the market price of the same car one year later is known as . (a) direct compensation . 'A' 693+152=845 'B' 637+140=777 'C' 579+128=707 The minimum piece rate wages showing the Basic and Variable Dearness Allowance for Industrial Workers payable w.e.f. Definition. 7. According to the Committee of Fair Wages _____ is the highest level of wage. A) an increase in the required reserve ratio B) a decrease in the discount rate C) an increase in the federal funds rate D) the Fed selling government bonds in the open market 22. This preview shows page 124 - 126 out of 143 pages. chapter 31, subchapter IV, Wage Rate Requirements (Construction), formerly known as the Davis-Bacon Act, . What does the given statement signify? PDF Practice Midterm 2 - Jason Lee B) The United States has never experienced a cost-push inflation. (a) Minimum wage (b) Living wage (c) Fair wage (d) None of these . PDF Chapter 5 Introduction to Macroeconomics The opportunity cost, or shadow wage rate, of labor is: a. D) 52%. (c) 'Wage policy' should therefore foster an appropriate choice of techniques so as to maximize employment at rising levels of productivity and wages. The rental wage of capital occurs when the real payments to capital owners . May develop and write computer programs to store, locate, and retrieve specific documents, data, and information. Under Marginal productivity Theory, reward for labour is determined by . D) can increase the real interest rate. PDF Questions and Answers Provincial overall comparisons and wage rates by industry are available in the monthly Earnings and Employment Trends publication. Part 22 - Application of Labor Laws to Government ... A)Too much labor is currently employed and the firm will lay off some workers. Wage and Salary Administration: Meaning, Nature, Factors ... Aspects 7. *Where AMW is the applicable minimum wage rate. Line 3 If you have chosen to use the wage chart below, enter the appropriate letter. Ans. b. less. C A rise in interest rates will raise the level of investment in a country. 58 . Under bilateral? From January 1, 1998, through June 30, 2001, each employer's rate, except those with a reserve ratio of negative 35.00%, is decreased by 0.1%, with the corresponding reduction paid into the Workforce Development Partnership Fund. 300+ TOP Economic Growth and Development MCQs 2021 Question 7 (a) two (b) three (c) four (d) many 43. Line 4 Enter the number of allowances you are claiming. $25. unionizes, the wage rate will be. D) Cost-push inflation starts when an increase in aggregate demand ʺpushesʺ costs higher. 110. PDF Executive Programme Industrial, Labour & General Laws Wage Definition & Meaning - Merriam-Webster 1. Labor Output Price (D1) Price (D2) 0 0 $10.00 $10.00 1 16 10.00 9.50 2 31 10.00 9.00 3 45 10.00 8.50 4 58 10.00 7.50 wage: [noun] a payment usually of money for labor or services usually according to contract and on an hourly, daily, or piecework basis. Which of the following is an example of a Federal Reserve action that increases the money supply? Solve for the equilibrium real rental rate of capital for an economy with this production function. 5. d. B) 4%. For example: if W = $30 and λ = 10, then unit labour cost is $3, that is $30/10 units = $3 per unit. D. between? e. none of the above The concept of Quasi-rent mean . A) A B) B C) C D) D Answer: C 34. Wages come under _____. Answer. (vi) Draw an OGIVE curve corresponding to the data and use it to estimate the median. A) A B) B C) C D) D Answer: D 35. B) savings deposits. This is defined as: unit labour cost = nominal wage labour productivity = W λ. Answer: B 29) If 20 million workers are unemployed and 180 million workers are employed, then the c) Both concept mean the same thing d) All of the above 2. Answer: (d) All of the above. Section 10. (b) Real wages (c) Average product (d) Govt. Minimum wages have been defined as "the minimum amount of remuneration that an employer is required to pay wage earners for the work performed during a given period, which cannot be reduced by collective agreement or an individual contract". Concepts 4. (d) The average income includes the value of property held. policy 22. According to Modern Theory of Rent, rent accrues to (a) Land only (b) Any factor (c) Capital only (d) Labour only 45. b. capital account c. balance of trade d. current account 1.27 The price of one country's currency in terms of another country's currency is the: a. exchange rate b. balance of trade c. terms of trade d. currency valuation 1.30 Exchange rates that are determined by the unregulated forces of supply and demand are: a. floating exchange rates b. Which one of the following Articles of the Constitution . C)output. D) less; their wage is less than their marginal product. The definition of M2 includes A) time deposits. (c) Employees' productivity. Annual pay . D)the wage equals value of marginal product. Independent jurisdiction The U.S. Federal Reserve announced no change in its rate policy at its June 2021 meeting and did not signal concerns about rising inflation. wage rate the PRICE of LABOUR.In a competitive LABOUR MARKET, the wage rate is determined by the demand for, and supply of, labour.The demand curve for labour as a factor input is downward-sloping (D in Fig. 1979, c. 212, or under section 102 or 135 of the Labour Relations Code constitute a lien, charge and secured debt in favour of the persons named in the decision or order against all the real and personal property of the employer or . 1 This definition refers to the binding nature of minimum wages, regardless of the method of fixing them. than the true prevailing wage rate (less by $0.00234 per hour). 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