the labor market

Question 1

What is the definition of the labor market?

Answer 1

The labor market is the place where employers seek to hire workers and workers seek jobs.

Question 2

True or False: The demand for labor is derived from the demand for goods and services.

Answer 2

True

Question 3

Fill in the blank: The _______ curve represents the relationship between the wage rate and the quantity of labor demanded.

Answer 3

demand

Question 4

What factors can shift the labor demand curve?

Answer 4

Changes in consumer demand, technology, and the number of firms in the market.

Question 5

Multiple Choice: Which of the following is NOT a factor that influences labor supply? A) Population size B) Education C) Price of goods D) Working conditions

Answer 5

C) Price of goods

Question 6

What is the equilibrium wage in the labor market?

Answer 6

The wage rate at which the quantity of labor supplied equals the quantity of labor demanded.

Question 7

True or False: Minimum wage laws can create a surplus of labor.

Answer 7

True

Question 8

What is the role of trade unions in the labor market?

Answer 8

Trade unions represent workers’ interests and negotiate wages and working conditions.

Question 9

Fill in the blank: The _______ curve shows the relationship between the wage rate and the quantity of labor supplied.

Answer 9

supply

Question 10

What happens to the labor market if there is an increase in immigration?

Answer 10

The labor supply curve shifts to the right, potentially lowering wages.