The demand for labour is derived from the demand for

the final goods/services which the labour is used to produce

The Australian Labourforce excludes

people who are unable to work for health reasons

Governments intervene in labour markets to:

achieve full employment and price stability

Australian labour force data is collected and compiled by

the Australian Bureau of Statistics

In a competitive labour market the equilibrium wage and number employed is determined by

the interaction of demand and supply for labour

The participation rate represents the percentage of the working age population who are:

in employment or actively looking for work

The supply of labour is not influenced by

the productivity of labour relative to capital

The term "human capital" refers to:

knowledge, skills, experience, health education and training

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Labour Markets

15 termsStudBud Administration1,862 plays

A labour market quiz for prelim eco

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Questions 15

Answers

1
The demand for labour is derived from the demand for
the skills, experience and education of workers
the final goods/services which the labour is used to produce
human capital
better working conditions
2
The Australian Labourforce excludes
people who are unemployed but are actively looking for work
people employed on a part time basis
people who are unable to work for health reasons
people employed on a casual basis
3
Governments intervene in labour markets to:
increase unemployment levels
ensure wage inflation impact general inflation
achieve full employment and price stability
reduce the competitiveness of Australian firms
4
What happens to the price of labour if the supply of labour decreases?
Price of labour increases
No change
Price of labour fluctuates
Price of labour decreases
5
Australian labour force data is collected and compiled by
firms and businesses
the Australian Bureau of Statistics
the Department of Employment
the Department of Industrial Relations
6
Demand for labour is a:
relative demand
determined demand
derived demand
produced demand
7
When wages decrease, employers typically:
fire people
hire more people
increase wages
outsource labour
8
In a competitive labour market the equilibrium wage and number employed is determined by
Government policy regarding the minimum wage
the interaction of demand and supply for labour
the number of casual vacancies
the number of people actively seeking work
9
The participation rate represents the percentage of the working age population who are:
utilising flexible working arrangments
in employment or actively looking for work
married and raising a family
working in the services sector
10
The supply of labour is not influenced by
the productivity of labour relative to capital
the participation rate
flexible working conditions
wages and other incentives offered
11
Which of the following DOES NOT influence the demand for labour?
Conditions of employment offered
The participation rate
The nature and size of industry
The productivity of labour
12
The term "human capital" refers to:
appetite for increased wages
flexibility in working conditions
knowledge, skills, experience, health education and training
the composition of employment in an economy
13
The relative cost of labour to capital in the production process will influence the
the number of people available to work on a full time basis
the number of people actively looking for work
supply of labour
demand for labour
14
The labour market is a:
factor market
commodity market
product market
financial market
15
The ability of workers to move from one role or industry to another is known as
occupational mobility
geographic mobility
flexible mobility
relative mobility

Labour Markets Flashcards | StudBud