4.1.6.2 Supply of labour NOTES

What primarily influences the supply of labor to a particular occupation?

• Educational facilities

• Industry demand

• Government regulations only

• Monetary and non-monetary considerations

Which of the following is considered a monetary consideration?

• Career advancement

• Wages and salaries

• Working conditions

• Job satisfaction

What can be a non-monetary consideration for supplying labor?

• Bonuses

• Flexibility in work arrangements

• Salary increments

• Profit sharing

What does job satisfaction encompass?

• Sense of achievement and recognition

• Financial rewards

• Workplace safety

• Health benefits

What factor contributes to job dissatisfaction?

• Poor working conditions

• Autonomy

• Excessive recognition

• High pay

What does the supply curve for labor illustrate?

• Impact of bonuses on worker retention

• Relationship between wage rate and quantity of labor supplied

• Relationship between job satisfaction and labor supply

• Correlation between education and wages

What typically describes the shape of the labor supply curve?

• Downward sloping

• Horizontal line

• Upward sloping

• Vertical line

Which factor can cause a shift in the market supply curve for labor?

• Changes in consumer preferences

• Changes in population

• Stability in economic conditions

• Fixed wage rates

How can government policies affect the labor supply?

• By modifying corporate tax rates

• By adjusting import tariffs

• By changing labor market regulations

• By altering trade agreements

What role does education and training play in the labor market?

• Only affects the technology sector

• Increases the quality and quantity of labor supplied

• Has no impact on labor supply

• Decreases the supply of skilled labor