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Economics-The Labour Market ;) Flashcards | StudBud

Explore/Economics-The Labour Market ;)

Economics-The Labour Market ;)

7 terms·StudBud Administration·63 plays

#Economics #Eco #Labour #Labour Market #Market

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Questions 7

Answers

1
What is the most accurate measure of unemployment
The Claimant Count
Opinion Polls
An Estimate
The Labour Force Survey
2
The current Rate Of Unemployment In The UK Is....
7.6%
20.4%
1.5%
4.3%
3
When demand for labour is wage elastic this will lead to... (pick 2)
Mean workers are more likely to be replaced by capital goods
Mean workers are less likely to be replaced by capital goods
Mean there is an increase in the demand for labour
Mean there is a reduction in the demand for labour
4
Will The Supply of Labour Increase With an increase in the wage rate?
Yes
No.
None of these
Yes but only to a certain point
5
Which Definition describes a Monopsony?
One Seller has dominance over the buyers in the market
There are both multiple buyers sellers within the market
A popular boardgame
One buyer has dominance over the sellers in the market
6
How is the demand for labour determined?
Derived Demand
Diminishing Demand
Detached Demand
None Of these
7
A National Minimum Wage Is Only Effective If...
It is below the equilibrium wage rate
It is equal to the equilibrium wage rate
It is Not ever effective
It is above the equilibrium wage rate