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Labor Vocabulary
Test Description: Vocabulary
Instructions: Answer all questions to get your test result.
1) Which term is a service supplied by workers and demanded by producers.
A
Supply
B
Labor
C
Wage
D
Worker
2) What is something that can be bought and sold called?
A
commodity
B
utility
C
labor
D
employer
3) What is a commodity in the view of producers?
A
demand
B
utility
C
labor
D
supply
4) Which term is the compensation an employer gives to workers in exchange for the time, energy, and skill it requires to perform a job?
A
tax
B
labor
C
inferior good
D
wage
5) What happens when the demand for labor is greater than supply?
A
There is a surplus of laborers and wages go down
B
There is a surplus of laborers
C
There is a shortage laborers and wages go down
D
There is a shortage of laborers and wages go up
6) What happens when there is a surplus of labor?
A
Workers quit
B
Wages decline
C
Wages go up
D
Low unemployment
7) Which term is described by the labor that nearly any able-bodied person could perform with minimum skill or training.
A
Skilled Labor
B
Child Labor
C
Management
D
Unskilled Labor
8) Which of the following does NOT affect the level of wages for a particular job.
A
Education level
B
GDP
C
Supply of Workers
D
Immigration
9) Which of the following can affect the level of wages for a particular job?
A
trends
B
holidays
C
amount of output
D
culture
10) Income may be determined by which of the following?
A
supply and demand
B
skills and abilities
C
cost-benefit analysis
D
utility
*select an answer for all questions
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