Labor Vocabulary Question Preview (ID: 55355)


Vocabulary. TEACHERS: click here for quick copy question ID numbers.

Which term is a service supplied by workers and demanded by producers.
a) Labor
b) Worker
c) Wage
d) Supply

What is something that can be bought and sold called?
a) utility
b) employer
c) labor
d) commodity

What is a commodity in the view of producers?
a) demand
b) labor
c) supply
d) utility

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) labor
b) tax
c) wage
d) inferior good

What happens when the demand for labor is greater than supply?
a) There is a shortage of laborers and wages go up
b) There is a shortage laborers and wages go down
c) There is a surplus of laborers and wages go down
d) There is a surplus of laborers

What happens when there is a surplus of labor?
a) Wages decline
b) Wages go up
c) Low unemployment
d) Workers quit

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

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

Which of the following can affect the level of wages for a particular job?
a) amount of output
b) holidays
c) trends
d) culture

Income may be determined by which of the following?
a) cost-benefit analysis
b) supply and demand
c) skills and abilities
d) utility

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