The table below shows the Index of Hourly Earnings in the unionised and non-unionised sectors from 2019 to 2023.
| Year | Non-Unionised Sector Index | Unionised Sector Index |
|---|---|---|
| 2019 | 100 | 100 |
| 2020 | 103 | 104 |
| 2021 | 108 | 106 |
| 2022 | 115 | 112 |
| 2023 | 126 | 120 |
Which one of the following is the ratio of unionised sector pay relative to non-unionised sector pay in 2023?
1:0.951 : 0.951:0.95
1:1.051 : 1.051:1.05
1:6.01 : 6.01:6.0
1:16.01 : 16.01:16.0
6 exam-style questions on Edexcel A A Level Economics 3.5.3 Wage determination in competitive and non-competitive markets. Each one has a worked solution and a mark scheme showing where the marks go.