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Economics: the labour market Flashcards | StudBud

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Economics: the labour market

14 terms·StudBud Administration·969 plays

Labour market

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Questions 14

Answers

1
What is the formula for MRPL
MPP X MR
MR - MC
MPP/MR
AC X MR
2
how is unemployment measured?
Population - every employee in every company
Claimant count
Labour force survey
Real GDP
3
who is this ?
Sue Perkins
Izaak Soul
4
Which of the following is a benefit of the minimum wage
Allows monopsony's to control wages
Businesses have lesser costs
Reduces poverty
less investment
5
What is the Labour market
the supply of money.
Jeremy Corbyn's power over the world
the building industry
The demand and supply for Labour
6
What is the minimum wage in the UK for over 25s from April 2018
£4.05
£7.50
£10.50
£7.83
7
Which are examples of labour immobility
Geographical locations
None of these
Effective train and transport links
Market failure
8
Which is a trait of a monopsony
One buyer and many sellers
One seller and many buyers
One buyer and one seller
none of these
9
which is a trait of a perfectly competitive market
differentiated products
Few firms
Information gaps
Many workers with the same skills
10
How is the demand for labour measured
MPRL
MRPL
Labour force survey
None of the above
11
The government employment of services market is a monopsony
False
True
12
Demand for cleaners is inelastic
False
True
13
what effect would a subsidy have on a supply and demand diagram?
Supply would shift outwards (to the right)
Demand would shift outwards
Supply would shift inwards
Demand would shift inwards
14
What is derived demand
Labour immobility
demand that is deprived
Labour mobility
Demand that is a consequence of demand for another good.