Labor Markets

A firm has 10 workers. They pay each worker $100/week. In any given week, the firm's "Total Cost of Labor" =

• $100 x 10 workers = $1,000

• $100 + 10 workers = $110

• $100 X 10 workers = $100,000

• Insufficient Information to answer question

Economists call a "Price Floor" deployed in a Labor Market a...

• Maximum Price

• Minimum Wage

• Maximum Salary

• Maximum Wage

This part of the market determines DEMAND

• buyers
• sellers
• suppliers
• store owners

Which of the following is a part of a persons Human Capital

• Knowledge

• Skills

• Experience

• All of these

Which of the following is a CON of raising Minimum Wage?

• wages will match the growth of inflation in the economy.

• Firms will be discouraged to hire low-skilled workers.

• People will not have to work multiple jobs to make ends meet.

• Consumers will have more buying power.

an organized association of workers, often in a trade or profession, formed to protect and further their rights and interests.

• Unskilled Workers

• Cyclical Unemployment

• United Nations

• Labor Union

What was something Labor Unions fought for

• to keep child labor

• reasonable hours and working conditions

• casual Fridays

• lower wages

The labor force is made up from

• all the employed people

• all the unemployed people

• all the employed and unemployed people

• people not willing or able to work

To be considered unemployed you must

• have no job

• have had a job at one point in time but no longer working

• be not working for one week, but have sought out work at least once in the last 4 weeks

• none of these

How is the unemployment rate calculated?

• (# of employed / # in the labor force) x 100

• (# in the labor force / # of employed) x 100

• # in labor force x 100

• # of employed / 100