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1.Fair Wage: According to the Committee on Fair Wages, it is the wage which is a. Based on the performance b. Dependent upon the demand and supply of labour. c. Above the minimum wage but below the living wage. d. Based on market . 2.Residual claimant theory was propounded by a. Francis A. Walker (1840-1897) b. Ricardo c. Benham d. John Davidson 3.This theory is a modified form of subsistence theory. According to this theory, wages are determined not by subsistence level but also by the standard of living to which a class of labourers become habituated. a. Standard of living theory b. Wage fund Theory c. Demand and Supply Theory d. Iron law of wages 4.This theory, also known as Iron Law of Wages, was propounded by David Ricardo (1772-1823). a. Subsistence theory b. Residual Claimant Theory c. Standard of living theory d. Purchasing Power Theory 5.Wage Boards: The boards are appointed by the Government and usually consist of seven members a. two representatives of management, two of labour, two independent members and a chairman. b. Four representatives of management, two of labour and a chairman c. three representatives of management, two of labour, one independent member and a chairman d. Three representatives of management, Three of labour, and a chairman 1.c 2 a 3 a 4. a 5 a Q1. Which one of the following is a clear and distinct line of authority among the positions in organizations? (a) Organizational design (b) Chain of command
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