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A2 Economics AQA - Labour Market Flashcards | StudBud

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A2 Economics AQA - Labour Market

10 terms·StudBud Administration·190 plays

Multiple choice on the Labour Market section of the A2 Level economics course.

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Questions 10

Answers

1
What could cause this labour Demand curve to shift left?
increase in specialisation of workers
emigration of skilled workers
monopsony action on wages
increase in national minimum wage
2
A Bilateral Monopoly is...
When there are two main trade unions influencing the market
Where there is two monopsonies
The existence of both a monopsony and trade union
The existence of only two monopoly firms.
3
This monopsony will employment max at
where MRP=S
W1 Q1
W2 Q1
where MRP = MC
4
Which one of these would cause a rightward shift of the Demand for Labour?
Better working conditions
Better working hours and flexibility
All of these
An increase in the price of the product sold
5
Wage Elasticity of Labour Supply can be defined as...
Responsiveness of wage rate to a change in MRP
How large the shift of Labour supply is when factors change
Responsiveness of wage rate to a change in labour supply
Responsiveness of labour supply to a change in wage rate
6
The improvement of pay to workers as a result of union action is called...
Welfare Gain
Trade Union Mark-Up
Trade-Union Profit
Collective Bargaining
7
Which of these factors could increase Wage Differentials?
wage discrimination
asymmetric labour market information
reduction of NMW
all of them
8
Which of these factors affects the elasticity of demand for labour?
Availability and ability to switch labour for capital
Vocational Nature of the Job
Qualifications needed
The Price of the product produced and sold
9
Trades unions always increase inefficiency in markets
True
False
10
"Workers will weigh up wage and non-wage factors." This is...
Individuals backward bending
Net Advantage
Pecuniary Benefits
Job Satisfaction