If two jobs require the same amount of skills and experience the job that pays the most is most likely to be the one that is ?
Correct answer: A. unpleasant
- A. unpleasant
- B. all these answers
- C. safe
- D. fun
- E. easy
Explanation
If skill and experience requirements are equal, an unpleasant job generally pays more to compensate workers for its undesirable conditions. This is the compensating wage differential principle.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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Economics is on 3 papers prepared for on TestUstad, and all of them draw the same bank, so this question is worth knowing for every one of them.
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