A Bilateral Monopoly is...

The existence of both a monopsony and trade union

Which one of these would cause a rightward shift of the Demand for Labour?

An increase in the price of the product sold

What are LIBOR rates?

The rates banks charge each other for short-term loans

Wage Elasticity of Labour Supply can be defined as...

Responsiveness of labour supply to a change in wage rate

A monopsony is defined as...

A situation where there is a single buyer of something

Which of these factors affects the elasticity of demand for labour?

Availability and ability to switch labour for capital

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A2 Economics - Labour Market

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

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Questions 10

Answers

1
It is possible for a trade union to achieve a higher wage, without unemployment
True
False
2
A Bilateral Monopoly is...
The existence of both a monopsony and trade union
Where there is two monopsonies
When there are two main trade unions influencing the market
The existence of only two monopoly firms.
3
Which one of these would cause a rightward shift of the Demand for Labour?
All of these
Better working hours and flexibility
An increase in the price of the product sold
Better working conditions
4
The improvement of pay to workers as a result of union action is called...
Welfare Gain
Collective Bargaining
Trade-Union Profit
Trade Union Mark-Up
5
What are LIBOR rates?
A measure of inflation
Predictions about future economic growth
The rates banks charge each other for short-term loans
Predictions about future market interest rates
6
Which of these factors could influence Wage Differentials?
All of them
Discrimination
Market Forces
Power Imbalance (e.g. Trade Union/Monopsony)
7
Wage Elasticity of Labour Supply can be defined as...
Responsiveness of labour supply to a change in wage rate
Responsiveness of wage rate to a change in labour supply
Responsiveness of wage rate to a change in MRP
How large the shift of Labour supply is when factors change
8
"Workers will weigh up wage and non-wage factors." This is...
Monetary Factors
Net Advantage
It's just wrong!
Job Satisfaction
9
A monopsony is defined as...
When there is a single supplier of something
A situation where there is a single buyer of something
10
Which of these factors affects the elasticity of demand for labour?
Vocational Nature of the Job
The Price of the product produced and sold
Qualifications needed
Availability and ability to switch labour for capital

A2 Economics - Labour Market Flashcards | StudBud