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Economics - Labour Markets Flashcards | StudBud
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Economics - Labour Markets
Economics - Labour Markets
20 terms
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A #quiz to introduce the topic of #labourmarkets in economics
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
What is occupational mobility ?
ability of labour to move between different locations
ability of labour to move between different occupations
2
Why is the demand for labour derived demand ?
because they offer a price
because it is derived from the demand of goods and services
because it is derived from the demand of employees
because there is a shortage of workers with specific skills
3
What happens to the opportunity cost when wages increase
decrease
increase
4
What is a factor influencing the quality of the workforce ?
literacy levels
none of the above
levels of training and education
work experience
5
What is the working age in Australia ?
any age is able to work
above 15
below 15
15
6
Firms demand labour by offering...
good working conditions
a source of employment
goods and services
wages
7
What is a substitute for labour ?
capital
expenditure
natural resources
8
What factors influence the size of the workforce ?
all of the above
the labour force participation rate
the age distribution
overall size of the population
9
What will an increase in the productivity of labour have on the demand for labour ?
positive influence
negative influence
10
Would an 18 year-old university student be included in the labour force participation rate ?
no
yes
11
What is a labour market ?
where employers seeking employment interact with employees
where the labour political party host a market
where consumers interact with suppliers
where individuals seeking employment interact with employers
12
What will happen to the demand for labour if wages were to increase ?
decrease
increase
13
What will an occupation that require workers to relocate to a distant location experience ?
none of the above
higher supply of labour
no labour
lower supply of labour
14
What is the single most significant factor on a firm's demand for labour ?
the amount of sales that the product makes
the level of output
the conditions in the firm's industry
the demand for an individuals firm's products
15
What is the formula for labour productivity ?
total output x labour input
total output/ labour input
labour input x total output
labour input/ total output
16
What is the movement of the supply curve for labour ?
sloping upwards from left to right
downward sloping from left to right
sloping upwards from right to left
downward sloping from left to right
17
What is the law of diminishing marginal returns ?
the demand for workers by firms will increase
the demand for workers by firms will decrease
extra worker will contribute less than the previous worker
extra worker will contribute more than the previous worker
18
How many labour markets are there in an economy ?
one
two
none
many
19
How is unemployment represented on the production possibility curve ?
a shift to the right of the curve
a shift to the left of the curve
a point inside the curve
a point outside the curve
20
What type of population does Australia have ?
increasing
ageing
decreasing
