HISTORY
THE INDUSTRIAL REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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protect the nation’s industries from foreign competition
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establish minimum wages and maximum working hours
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give government complete control of the means of production
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refuse to interfere in any economic matters
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Detailed explanation-1: -(h) “wages” means all remuneration, capable of being expressed in terms of. money, which would, if the terms of the contract of employment, express or. implied, were fulfilled, be payable to a person employed in respect of his. employment or of work done in such employment, [7] [and includes house.
Detailed explanation-2: -Fair wage: Any wage paid to the employees that are more than the minimum wage is known as a fair wage. The need-based minimum wage is also a level of fair wage and represents a wage higher than the minimum obtaining at present in many industries, though it is only in the lower reaches of the fair wage.
Detailed explanation-3: -Capitalism is an economic system based on the private ownership of the means of production and their operation for profit.
Detailed explanation-4: -In a market economy, the compensation of labour is determined by the interaction of demand and supply in each labour market; relative compensation by the interaction of relative demand and supply.