A profit-maximizing firm will continue to hire additional units of labour until __________ equals the ____________
marginal cost of labour, marginal revenue product
marginal revenue, marginal cost
long run marginal revenue, long run marginal cost
labour output ratio, capital output ratio
The participation rate of male and female workers in the UK labour force is affected by
The level of real wages
The level of non-wage income provided by the benefits system
The rate of direct tax such as income tax
All of the above
Human capital is best defined as
The number of qualifications held by the workforce
The number of people employed who own their own house
The number of years a person stays in full-time education
The stock of expertise and qualifications accumulated by the workforce
The most important long term cause of wage differentials between occupations is
The level of the national minimum wage
The level of trade union membership
The relative danger of different jobs
The changing skill requirements of different jobs
The opportunity cost of choosing the delay entry to the labour market and take a degree at university is best measured by
Money spent on tuition fees, living expenses and textbooks
The earnings foregone by remaining in higher education for three or more years
Money spent on tuition fees, living expenses, textbooks and the interest on student loans
The number of pints bought over a three year period in the Student Union bar
Trade unions are better placed to achieve a higher wage differential the more _______________ and the more ___________
inelastic the demand for labour, they can restrict the supply of labour
members they have, militant they behave
the economy is growing, people prefer leisure to working
productivity is growing, job vacancies exist
The demand for a factor of productionsuch as labour and capital, not for its own sake, but for use in the production of goods and services is called a _______________.
High Level Demand
Derived Demand
Factor Demand
Supply-side Demand
The introduction of a National Minimum Wage in the UK economy has had most effect on the relative pay and earnings of
Full time workers employed in the motor industry
Part time workers employed in financial services
Part time female workers in the service sector
Full-time workers employed in government administration
Which two conditions from those listed below are most likely to lead to a rise in trade union bargaining power with employers?
(a) An increase in competition in product markets (b) A sustained increase in real national output (c) An increase in shortages of skilled labour (d) A rise in import competition from overseas suppliers
(a) and (d)
(a) and (b)
(b) and (c)
(c) and (d)
True or False, the National Minimum Wage can lead to higher wages and higher employment in labour markets that are monopsonistic
True
False
True or False, more than half of the employed labour force in the UK is currently a member of a trade union
True
False
An increase in the supply of a labour will _______ the price of the factor, _______ the quantity used of the factor, and the income will _______.