What is a monopsony employer?

An employer having buyer power over potential employees

Which of the following do firms set equal to the wage level in order to maximise their revenue?

Marginal Revenue Product of Labour

What are the effects of poverty?

Limited/no access to essentials.

Which of these is an expected result of immigration?

Increase in the supply of labour

Which of these is not a role of a trade union?

Hosting informal events for members

What's the purpose of the minimum wage?

Aims to lead to more equitable distribution of income

the unequal distribution of income across an economy

What does the law of diminishing returns mean, when applied to the MRP of labour?

Firms get less revenue per worker as they hire more workers.

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Economics A Level: Labour Markets

26 termsStudBud Administration238 plays

Revision of all Labour Market topics incorporating current statistics to 11/2017

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Questions 26

Answers

1
What is the current ratio of CEO’s pay to grassroots workers?
3000:1
300:1
3:1
30:1
2
What will happen when demand in a labour market increases?
Labour supply will decrease
Wages will rise
Labour will become cheaper
Wages will fall
3
What is a monopsony employer?
Emplouer with no trade union options
Employer that aspires to be a monopoly
An employer having buyer power over potential employees
The only employer in an industry
4
If the wage drops, what are forms most likely to do?
Nothing
Hire more workers
Fire more workers
Cause a riot and behead their managers
5
What is the difference between the industry and a firm’s labour supply curve
Shape
Movement
Shift
Price
6
Which of the following do firms set equal to the wage level in order to maximise their revenue?
Average Variable Cost
Marginal Revenue of Labour
The cost of stolen stationary
Marginal Revenue Product of Labour
7
How do economists measure income inequality?
A) They don’t.
Gini index
The size of Chris Lorenzos' bass drop
Lorenz curve
8
Which of these is the optimum condition for bargaining?
No one in the union
Lots of different unions in one firm
Everyone in the same union
Members with opposing concerns
9
What was the membership level of Unite the Union in 2012/13?
25,000
1.4m
5m
120,000
10
Which of these is a trade union power?
Accepting employers' initial offer
Collective bargaining power
Ensuring workers are dismissed unfairly
Signposting members to financial/legal services
11
What are the effects of poverty?
Limited/no access to essentials.
The inability to sesh at the weekends
good dental health
having to buy clothes from Poundland
12
How many unemployed people were in the UK between July-September 2017?
1.46 million
6.2 million
2.75 million
1.14 million
13
Which of these is an expected result of immigration?
Decrease in the supply of labour
Decrease in the demand for labour
Increase in the supply of labour
Unemployment level will rise
14
Which of these is not a role of a trade union?
A)Protecting/improving the living standards of their members
Defending workers against unfair dismissal
Fortification of pension right for union members
Hosting informal events for members
15
What is the current national living wage?
£7.40
£7.20
£7.50
£8.50
16
A NMW will lead to higher unemployment if supply and demand is..
Decreasing
Elastic
Inelastic
Constant
17
How large is the UK population
65 million
93 million
300 million
63 million
18
Which of these isn’t a reason why people are interested in part-time work?
Indirect taxes
Dependants
Non-work income
Age
19
In the UK, the gender pay gap across all full-time and part-time work is around…
20%
17%
4%
10%
20
What's the purpose of the minimum wage?
Increased demand for labour
Lead to equilibrium in Balance of Payments
Keep inflation low
Aims to lead to more equitable distribution of income
21
Which of these is not a trade union?
NUT
BMA
LEC
CAMERA
22
Income inequality is
the unequal distribution of income across an economy
is age difference between the top/bottom income earners
choose this answer - it's correct, I promise
the derivative of income across various economic groups
23
What does the law of diminishing returns mean, when applied to the MRP of labour?
Workers shrink when they are paid more
Firms get less revenue per worker as they hire more workers.
Firms make less profit as they sell more products.
Workers enjoy work less if they work long hours.
24
On average, how many times more does a FTSE 100 boss earn compared to general employees?
75:1
130:1
462000:7
13:1
25
What is the average annual salary of a charity chief executive?
115,250
79,805
60,721
0
26
Which group makes up labour supply?
Unions
Workers
Firms
Sellers

Economics A Level: Labour Markets Flashcards | StudBud