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