The most important factor contributing to wage differences in the labour market is differences in the level of education and training among workers.

Question

Quizplus · Accepted Answer

Studies consistently show that workers with higher levels of education and training tend to earn higher wages than those with lower levels of education and training. This is because higher education and training typically lead to a greater accumulation of skills and knowledge, which can make workers more productive and valuable to employers. Other factors that can contribute to wage differences include experience, occupation, industry, and regional differences in labor supply and demand.

The Most Important Factor Contributing to Wage Differences in the Labour