The equilibrium wage for coal mining workers increasing in 2010 because:

China's demand for iron ore had increased

The participation rate is likely to increase if:

the tax-free threshold increases

Labour demand for dental assistants would increase if:

the demand for dental services increased

Which type of work would be recorded in GDP?

A part-time position at McDonald's

Who would be classified as unemployed by the ABS?

A teacher who expects to start a new job next week.

Labour supply of maths teachers has been below the labour demand in recent years because:

The salary paid to Maths teachers is below equilibrium.

The supply of labour is likely to increase if:

the government increases the age for receiving a pension

The unemployment rate measures:

% of labour force unable to find a job.

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Economics Unit 2 - Labour Market

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VCE Economics Unit 2 Labour Market Unemployment

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Questions 15

Answers

1
The equilibrium wage for coal mining workers increasing in 2010 because:
China's demand for iron ore had increased
the Australian dollar had appreciated
the productivity of coal miners had increased
All of the above
2
Ms Moshman is on long service leave from her teaching job to travel in Europe for three months.
Employed
Unemployed
Underemployed
Not in labour force
3
The participation rate is likely to increase if:
the government decreases University fees
the unemployment rate increases
subsidies for childcare are increased
the tax-free threshold increases
4
Labour demand for dental assistants would increase if:
The wage paid to receptionists increased
the demand for dental services increased
the wages paid to dental assistants increased
the price of dental equipment increased
5
Which type of work would be recorded in GDP?
Planting & harvesting backyard vegetables
A student doing ironing to help out at home
Volunteering at Oxfam
A part-time position at McDonald's
6
Franchesca works at the Fitness Centre 2 hours per week, but would like to work full-time.
Not in labour force
Employed
Unemployed
Underemployed
7
Jeremy has decided to quit work and travel overseas with his best friend.
Not in labour force
Underemployed
Unemployed
Employed
8
Who would be classified as unemployed by the ABS?
A carpenter who is on holidays
A part-time nurse who wants to work full-time
A house husband
A teacher who expects to start a new job next week.
9
Labour supply of maths teachers has been below the labour demand in recent years because:
the equilibrium wage is too high
The ATAR score for Maths Teaching degrees have been too high
The salary paid to Maths teachers is below equilibrium.
salaries paid to those with Maths skills is low
10
Albert is a musician who has not had a gig in months. He continues to call pubs to get gigs.
Underemployed
Employed
Not in labour force
Unemployed
11
Michelle is a full-time student looking for a part-time hospitality job.
Unemployed
Underemployed
Employed
Not in Labour Force
12
Labour demand for supermarket workers is generally NOT dependent upon:
The hourly wage paid to workers
the salaries of maths teachers
the productivity of supermarket workers
The price and availability of capital
13
The supply of labour is likely to increase if:
the government increases the age for receiving a pension
There is an increase in school retention rates
the government cuts immigration
There is an increase in the number of people retiring
14
The unemployment rate measures:
% of labour force unable to find a job.
% of labour force who have worked less than 5 hours
% of the population unable to find a job
% of working age population unable to find a job
15
Justin is an accountant who has had no luck with job applications. He has given up applying.
Unemployed
Underemployed
Employed
Not in labour force

Economics Unit 2 - Labour Market Flashcards | StudBud