WorksheetsLabor and Employment Review
Total questions: 25
Worksheet time: 13mins
Name
Class
Date
1.
Inflation
a)
not having the income/resources to maintain a minimum standard of living
b)
sustained increase in prices and/or decrease in purchasing power of money
c)
percentage of workforce that is jobless and actively looking for work
2.
Underemployment
a)
knowledge/skills that enable workers to be productive
b)
part-time workers who want to work full-time or people working below their skill level
c)
percentage of workforce that is jobless and actively looking for work
3.
Human Capital
a)
knowledge/skills that enable workers to be productive
b)
part-time workers who want to work full-time or people working below their skill level
c)
percentage of workforce that is jobless and actively looking for work
4.
Unemployment Rate
a)
knowledge/skills that enable workers to be productive
b)
sustained increase in prices and/or decrease in purchasing power of money
c)
percentage of workforce that is jobless and actively looking for work
5.
Poverty
a)
not having the income/resources to maintain a minimum standard of living
b)
sustained increase in prices and/or decrease in purchasing power of money
c)
percentage of workforce that is jobless and actively looking for work
6.
Unemployment that comes from changing jobs or industries
a)
frictional
b)
seasonal
c)
structural
d)
cyclical
7.
Unemployment caused by decreased economic activity
a)
frictional
b)
seasonal
c)
structural
d)
cyclical
8.
Unemployment linked to seasonal work
a)
frictional
b)
seasonal
c)
structural
d)
cyclical
9.
Unemployment that happens when available jobs don't match workers' skills
a)
frictional
b)
seasonal
c)
structural
d)
cyclical
10.
A tech writer loses their job because of a recession
a)
frictional
b)
seasonal
c)
structural
d)
cyclical
11.
An editor quits their job to look for a better position
a)
frictional
b)
seasonal
c)
structural
d)
cyclical
12.
A construction worker is unemployed in the winter
a)
frictional
b)
seasonal
c)
structural
d)
cyclical
13.
A cashier's job is replaced by a self-checkout machine
a)
frictional
b)
seasonal
c)
structural
d)
cyclical
14.
A job requiring high skills generally offers high wages because
a)
demand for skilled workers is limited
b)
skill level is the only factor that determines wages
c)
there is a surplus of skilled workers
d)
there is a limited supply of people with those skill levels
15.
Which of the following does NOT help determine a worker's wage?
a)
Working Conditions
b)
Discrimination
c)
Government Action
d)
Intelligence
16.
Collective bargaining allows unions to best serve their members because
a)
demand for skilled workers is limited
b)
they can get the best deal when representing all members
c)
it's better for individuals to negotiate their own contracts
d)
it is illegal to require workers to join a union
17.
What is an important effect of inflation?
a)
lower prices for homes
b)
increased value of borrowed dollars
c)
higher interest rates
d)
lower prices for appliances
18.
At full employment, the unemployment rate should be
a)
0%
b)
1-2%
c)
4-6%
d)
5-7%
19.
When the number of workers demanded equals the number of workers supplied, the wage of workers is called
a)
minimum wage
b)
equilibrium wage
c)
maximum wage
d)
median wage
20.
Which of the following would have the most inelastic demand?
a)
big screen TV
b)
gasoline
c)
lobster dinner
d)
vacation to Disney World
21.
Spending $20 on a t-shirt rather than a movie ticket is an example of
a)
production
b)
capital goods
c)
tradeoff
d)
entrepreneurship
22.
Which of the following is an example of labor?
a)
a sewing machine used to make a t-shirt
b)
the owner of the t-shirt company
c)
the worker who operates the sewing machine in the t-shirt factory
d)
the cotton that the t-shirt is made from
23.
Which of the following is an example of land?
a)
a sewing machine used to make a t-shirt
b)
the owner of the t-shirt company
c)
the worker who operates the sewing machine in the t-shirt factory
d)
the cotton that the t-shirt is made from
24.
In a market economy, economic choices are based on
a)
self-interest
b)
government planning
c)
tradition
d)
habit
25.
Who is most likely to have said "resources are used most efficiently when businesses use them to make the most profitable products"?
a)
Karl Marx
b)
Adam Smith
c)
Fredrich Engles
d)
Elon Musk
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