Economics Paper 2, Nov/Dec. 2012  
Questions: 1 2 3 4 5 6 7 8 9 10 11 12 Main
General Commsents
Question 9

(a)        What is a minimum wage?                                                                 
            (b)        Distinguish between money wage and real wage.                             
            (c)        Outline any four reasons for the difference in wages paid

                        to different categories of workers

This question was attempted by a good number of candidates who performed below average.  The candidates needed to provide the following answers to score maximum marks in this  question:

(a)        A minimum wage is any wage fixed by the government above the equilibrium wage in a competitive market.

(b)        Money wage is the norminal value of the wage received by a worker per unit of time while real wage is the amount of goods and services money wage can buy.

(c)        Reasons for differences in money wages paid to different categories of workers are:

  1. influence of trade unions;
  2. length and cost of training;
  3. marginal productivity of labour;
  4. unattractive nature of a job;
demand for and supply of labour
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