All of the following identify a change in labor EXCEPT-

Most people stay at one job for most of their career

Which statement explains the graph?

Raising or breaking of the glass ceiling

All of the following contribute to human capital EXCEPT -

Purchasing new technology to make production more efficient

How does derived demand explain the cartoon?

Greater value is placed on some occupations than others

Minimum wage is an example of a price floor because it -

sets a minimum amount employers can pay their workers

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Role of Labor

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Chpt. 9.1 & 9.2 from Economics textbook, covers wages and changing trends in labor

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Questions 13

Answers

1
All of the following identify a change in labor EXCEPT-
Women make up a larger percentage of the workforce
Most people stay at one job for most of their career
Globalization has increased the labor force
Tertiary sector, or service related jobs, have grown
2
The intersection of the demand for labor and supply or works is called the -
Equilibrium price
Quantity supplied of labor
Equilibrium wage
Wage
3
Which statement explains the graph?
Effects of the minimum wage
Increased derived demand
Raising or breaking of the glass ceiling
Increased labor competition resulting from globalization
4
All of the following contribute to human capital EXCEPT -
Worker staying at the same job for 15 years
Purchasing new technology to make production more efficient
Providing health incentives in an employee's benefit package
Earning a masters degree in one's field
5
How does derived demand explain the cartoon?
Greater value is placed on some occupations than others
Football players are paid too much money
Fewer farmers exist driving down their wages
Minimum wage creates a surplus of labor
6
Human capital, work environments, discrimination, and government actions all influence -
Equilibrium wage
Quantity demanded
Wage rates
Labor supplied
7
Payments workers receive in return for their work are called -
Wages
Derived demand
Factor of production
Pay check
8
What type of unemployment is caused by downturns in the business cycle?
Structural
Cyclical
Frictional
Seasonal
9
Contingent employment and independent contractors are both
Temporary positions
Minimum wage jobs
Incorporate telecommuting
Jobs with high pay rates
10
Who is counted in the unemployment rate?
A 30-year-old laid off worker that is not looking for a job
A 36-year-old seeking a job
An 18-year-old attending college
A 55-year-old doctor working at McDonalds
11
What term refers to negotiations between employers & labor unions to establish wages and working conditions?
Contract agreement
Collective bargaining
Strike
12
Minimum wage is an example of a price floor because it -
may lead to a shortage of workers
effects are widely agreed upon by economists
sets a minimum amount employers can pay their workers
is a government action that affects the equilibrium wage
13
Typically, when GDP increases, the unemployment rate will -
Increase
Decrease
Stay the same

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