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.Management Sciences
Category: Labour Market
According to the Office of National Statistics UK, a husband who chooses to stay home and take care of household is ?
A. Employed
B. Not in the labour force
C. A discouraged worker
D. Unemployed
If there is cyclical unemployment in the economy the government might ?
A. Increase interest rates
B. Encourage savings
C. Cut taxes
D. Reduce government spending
A minimum wage law tends to ?
A. Help all teenagers because they receive a higher wage than they would otherwise
B. have no impact on unemployment as long as it is set above the competitive equilibrium wage
C. Create more Unemployment is high-skill job markets than in low-skill job markets
D. Create more unemployment in low-skill job markets than in high-skill job markets
Which of the following is an example of a reason why firms might pay efficiency wages ?
A. At equilibrium wages workers sleep when the boss is not looking because workers are not deeply concerned about being fired
B. At equilibrium wages workers often quit to find better jobs.
C. At equilibrium wages only minimally qualified workers apply for the job
D. At equilibrium wages, workers cannot afford a healthy diet so they fall asleep at work due to a lack of energy
E. All of these answers
The Marginal Revenue Product is ?
A. Upward sloping due to the law of demand
B. Upward sloping due to the law of marginal utility
C. Downward sloping due to the law of diminishing returns
D. Downward sloping due to the law of supply
A miner who has been unable to find work for so long that he has stopped looking for work is considered to be ?
A. Not in the labour force
B. Not in the adult population
C. Unemployed
D. Employed
Refer to Figure 1 The labour fouce is ?
A. 134.0 million
B. None of theses answers
C. 92.3 million
D. 98.0 million
In a perfectly competitive labour market firms are wage takers and the marginal cost of labour equals?
A. The average cost of labour
B. The marginal product
C. The marginal revenue
D. The total cost of labour
If the real wage is too high in the labour market ?
A. The quantity demanded of labour is higher than the quantity supplied
B. The quantity demanded of labour equals the quantity supplied
C. The quantity demanded of labour is lower than the quantity supplied
D. It will automatically adjust in the short run to bring equilibrium
Which one of the following types of Unemployment results from the wage being held above the competitive equilibrium wage ?
A. Structural unemployment
B. Cyclical Unemployment
C. Frictional Unemployment
D. None of these answers
E. Sectoral Unemployment
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