Labor Economics Quiz

Labor Economics Quiz

Test your knowledge on labor economics with this 10-question quiz See if you can answer all 10 questions correctly

published on April 08
1/10

What is the term used to describe the amount of labor a worker is willing and able to supply at a particular wage rate?

What is the term used to describe the amount of labor a worker is willing and able to supply at a particular wage rate?
Labor demand
Labor force participation rate
Labor mobility
Labor supply
2/10

Which of the following is NOT a type of unemployment?

Structural unemployment
Frictional unemployment
Cyclical unemployment
Entrepreneurial unemployment
3/10

The minimum wage is an example of which type of government intervention in the labor market?

Subsidies
Price controls
Trade barriers
Regulation
4/10

Which of the following is an example of a labor productivity improvement?

Which of the following is an example of a labor productivity improvement?
Increased unemployment rate
Decreased average wages
Increased labor force participation rate
Introduction of new technology
5/10

What term refers to the process of workers moving from one job to another?

What term refers to the process of workers moving from one job to another?
Labor market equilibrium
Labor unionization
Labor force participation
Job turnover
6/10

Which of the following is an example of a non-wage benefit provided to employees?

Which of the following is an example of a non-wage benefit provided to employees?
Overtime pay
Minimum wage laws
Collective bargaining
Health insurance
7/10

What theory suggests that workers' wages tend to equal their marginal productivity?

Labor market segmentation theory
Dual labor market theory
Efficiency wage theory
Neoclassical theory of wage determination
8/10

Which of the following is TRUE regarding the concept of 'reservation wage'?

Which of the following is TRUE regarding the concept of 'reservation wage'?
It is the same as the minimum wage
It is determined by labor unions
It is the wage at which a worker is most productive
It is the lowest wage rate at which a worker is willing to accept a job
9/10

Which of the following best describes the 'efficiency wage theory'?

Which of the following best describes the 'efficiency wage theory'?
A theory that suggests minimum wage laws improve efficiency in the labor market
A theory that argues higher wages can increase worker productivity
A theory that explains the impact of technological advancements on labor markets
A theory that states paying above-market wages can increase worker productivity
10/10

The unemployment rate is calculated as the number of unemployed individuals divided by which other measure?

The unemployment rate is calculated as the number of unemployed individuals divided by which other measure?
Labor force participation rate
Total population
Gross domestic product (GDP)
Labor force