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Exam 6: Labour Market

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Question 1

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Which is most likely to lead to a decrease in the wage rate?

A) An increase in the demand for labour.
B) An increase in the supply for labour.
C) A decrease in the supply of labour.
D) An increase in the demand for the product

E) C) and D)
F) A) and D)

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B

Question 2

Multiple Choice

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How may an increase in the demand for labour occur?

A) When there is less productivity
B) With a decrease in demand for the final product.
C) With an increase in the revenue from selling the extra units.
D) With an increase in the supply of labour.

E) C) and D)
F) A) and B)

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Question 3

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A minimum wage set below equilibrium will lead to excess supply of labour

Efficiency wage theory suggests it may be efficient to pay more than the market wage

The demand for labour depends on the demand for the final product; it is known as a _______ demand.

On what does the supply of labour depend?

Which is most likely to lead to an increase in the wage rate?

An increase in labour productivity increases the demand for labour.

The reservation wage is the maximum amount an employee would need to accept a job