Labor Market Quiz

In the Labor Market, what is the term that describes the Equilibrium point?

• Surplus

• Shortage

• Balance

• Wage Rate

What does a shift in Supply in the Labor Market indicate?

• Change in quantity supplied

• Change in wages

• Change in the overal supply

• Change in equilibrium

What does a shift in Demand in the Labor Market indicate?

• Change in Demand

• Change in wages

• Change in quantity demanded

• Change in equilibrium

What does shortage mean in the Labor Market?

• Demand exceeds supply

• Supply exceeds demand

• Equilibrium is reached

• Prices are stable

What does surplus mean in the Labor Market?

• Demand exceeds supply

• Supply exceeds demand

• Equilibrium is reached

• Prices are stable

Who supplies the labor in the Labor Market?

• Employers

• Employees

• Government

• Consumers

Who demands the labor in the Labor Market?

• Employers

• Employees

• Government

• Consumers

What is a business organization?

• A type of government agency

• An entity that provides goods or services

• A non-profit group

• A social club

What are the four business types?

• Sole Proprietorship, Partnership, Corporation, Franchise

• Sole Proprietorship, Partnership, Franchise, Cooperative

• Partnership, Corporation, Franchise, Non-Profit

• Sole Proprietorship, Corporation, Franchise, Cooperative

What is a Sole Proprietorship?

• A business owned by multiple people

• A business owned by one person

• A business owned by shareholders

• A business owned by a group