Demand for Labour

The demand for labour in this industry has declined from Q2 to Q1. This could be because: (one correct answer)

• The price of capital has declined.

• The demand for the product that labour produced has declined.

• The wage rate increased.

• Labour productivity has increased.

A shift from D1 to D2 could happen because (two correct answers)

• the price of capital has increased.

• the price of capital has fallen.

• demand for product labour produces has increased.

• demand for product labour produces has fallen.

• the global economy has entered a recession.

The demand for labour is a 'derived demand', meaning that ...

• the demand for labour is dependent on the supply of the inputs in the production process

• the demand for labour is completely independent of the demand for the product

• the demand for labour is dependent upon the demand for whatever the labour produces

• the demand for labour is greater than the demand for the product that the labour makes

If the demand for McDonald's hamburgers rose, which of the following diagrams would display the likely impact on the demand for McDonald's workers

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Several factors affect the demand for labour, including all of the following EXCEPT:

• The age distribution of the labour market

• Availability of substitutes

• Productivity of labour

• Other employment costs

Demand that arises because there is demand for another good is called ...

• Price elastic demand

• Excess demand

• Demand deficient

• Derived demand

Of the four parts of the business cycle, in which part are we most likely to see a rapid increase in business activity, demand and prices very high, and unemployment very low?

• Trough

• Recovery

• Boom

• Downturn

How many factors of production are variable in the long run?

• 0

• 1

• 4

• 5

Which law states that marginal output will start to decline if more and more units of one variable factor off production are combined with a given quantity of fixed factors?

The number of extra units produced by an additional worker is known as what (abbreviated to three letters)?