Labor Market Test

A _______________ is a union-organized work stoppage designed to gain concessions from an employer.

• Lockout

• Strike

• Contract

• Injunction

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.

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

Population=200

employed=90

unemployed=10

How many people are not in the Labor Force?

• 200

• 90

• 10

• 100

A labor force of 20 million people has 18.5 million people employed. Find the unemployment rate.

• 10%

• 8.5%

• 7.5%

• 6%

Which of the following is not in the labor force?

• Charles, who wants to work but has given up looking for work until the weather improves.

• Mary, who works part-time but wishes for work full time.

• John, who has a graduate degree but is working as a waiter.

• Carl, who does not have work but applied for work at a local factory.

• Melissa, who just graduated from business school and is currently seeking employment as an accountant.