#1
Which of the following is NOT considered a type of unemployment?
Structural unemployment
Frictional unemployment
Cyclical unemployment
Occupational unemployment
#2
What does the labor force participation rate measure?
The percentage of the working-age population that is employed
The percentage of the labor force that is unemployed
The percentage of the working-age population that is in the labor force
The percentage of the labor force that is not in the workforce
#3
What is the concept that describes the additional cost of hiring one more worker?
Marginal cost of labor
Average variable cost
Fixed cost
Total cost
#4
Which of the following is a factor that can lead to wage discrimination in the labor market?
Equal Pay Act
Minimum wage laws
Occupational segregation
Right-to-work laws
#5
In labor economics, what does the 'efficiency wage theory' propose?
Higher wages lead to increased job satisfaction
Lower wages lead to decreased productivity
Paying higher wages can improve worker productivity and reduce turnover
Wage rates should be set by government intervention
#6
What is the term for the situation where workers are employed for fewer hours than they desire?
Underemployment
Overemployment
Full employment
Unemployment
#7
In the context of labor economics, what does the term 'minimum wage' refer to?
The lowest wage rate that an employer can legally pay to workers
The wage rate set by labor unions
The wage rate set by the government for skilled workers
The average wage rate in a specific industry
#8
Which of the following is a characteristic of a monopsony in labor markets?
Many buyers and many sellers
Many buyers and one seller
One buyer and many sellers
One buyer and one seller
#9
What is the term used to describe the situation where an individual is employed below their skill level?
Underemployment
Overemployment
Full employment
Unemployment
#10
Which of the following is a key determinant of labor supply?
Wages
Demand for goods and services
Interest rates
Consumer preferences
#11
Which of the following best describes 'human capital' in labor economics?
The financial assets of individuals
The physical attributes of workers
The skills, knowledge, and experience possessed by workers
The total population of a country
#12
What effect does a decrease in the labor force participation rate typically have on an economy?
Decrease in wages
Increase in unemployment rate
Increase in productivity
Decrease in inflation rate
#13
What is the purpose of the Lorenz curve in labor economics?
To depict the relationship between wages and productivity
To illustrate income inequality within a population
To measure labor market equilibrium
To assess labor force participation rates
#14
What is the term for the phenomenon where workers with similar skills or job types are grouped together?
Labor differentiation
Job polarization
Occupational segregation
Workforce homogenization
#15
Which of the following is NOT a characteristic of a perfectly competitive labor market?
Wage takers
Homogeneous labor
Barriers to entry
Perfect information
#16
Which of the following is an example of a non-wage benefit that can influence labor supply decisions?
Overtime pay
Health insurance
Minimum wage laws
Unemployment benefits
#17
What is the term for the practice of paying employees based on the quantity of output they produce?
Piece-rate system
Salary system
Commission system
Bonus system
#18
Which of the following is NOT a potential consequence of automation on the labor market?
Increased productivity
Reduced demand for low-skilled labor
Increased wages for low-skilled workers
Job displacement