Economics - The Role of Labor

What is a wage?

• the payments workers give to their employers.

• the payments workers receive in return for work.

• the payments workers rob to receive

• the payments not received by workers.

Wages are governed by what two primary forces:

• Government and Economy

• Workers and Employers

• Supply and Demand

• Corona and Virus

What is the wage at which the number of workers needed equals the number of workers available?

• Payment Wage

• Moderate Wage

• Supply Wage

• Equilibrium Wage

What is the value of the goods and services a worker produces in a set amount of time?

• Labor Productivity

• Equilibrium Wage

• Wage Rate

• Value Supply

According to Equilibrium Wage theory, the higher the wage rate, the lower the demand for ________.

• Government

• Capital

• Labor

• Counterfeiting

Wage rates are determined by supply and demand, which are influenced by what four main factors: (Choose Four)

• Human Capital

• Working Conditions

• Discrimination in the Workplace

• Foreign Investment

• Government Actions

What is the knowledge and skills that enable workers to be productive?

• Discrimination

• Human Capital

• Government Actions

• Working Conditions

Workers are grouped into four categories depending on the amount of human capital they have, which are: (choose four)

• Professional Workers

• Skilled Workers

• Semiskilled Workers

• Unskilled Workers

• Pro Grade Workers

What is a "glass ceiling"?

• the 99%

• where the rich cant get richer

• ceiling made of glass

• artificial barrier that limits wages and advancement

Instituting a minimum wage is an example of:

• Working conditions

• Worker Discrimination

• Government Actions

• Human Capital