General and specific training, Business Economics

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QUESTION 1

(a) Suppose the government decides to implement a minimum wage to help low-income workers. How will the minimum wage affect the demand for labor and what does this imply about the success of the government's initiative?

(b) Explain the effects of a minimum wage on monopsonised markets.

QUESTION 2

Briefly write on the following (each carries equal marks)

General and Specific Training
Determinants of Migration
Causes of Fringe Benefit Growth

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