Economics Mcqs

A. Labour costs are a high percentage of total costs
B. Demand for the final product is price inelastic
C. It is relatively easy to substitute capital for labour
D. There are many substitutes for the final product

A. Frictional Unemployment would fall
B. The official unemployment rate would probably understate true unemployment
C. The official unemployment rate would probably overstate true unemployment
D. There would be no impact on the official unemployment rate
E. None of these answers

A. Unemployment due to unions
B. Unemployment due to efficiency wages
C. Frictional Unemployment
D. Unemployment due to minimum-wage laws

A. Paying above the competitive equilibrium wage tends to cause workers to shirk their responsibilities
B. Firms do not have a choice about whether they pay efficiency wages or not because these wages are determined by law
C. Paying the lowest possible wage is always the most efficient (Profitable)
D. Paying above the competitive equilibrium wage may improve worker health lower worker turnover improve worker quality and increase worker effort

A. of minimum wage laws
B. There are changes in the demand for labour among different firms.
C. Of unions
D. All of these answers
E. Efficiency wages may hold the wage

A. Structural Unemployment
B. Unemployment due to efficiency wages
C. Unemployment due to unions
D. Frictional Unemployment

A. Maximum wage the firm is willing to pay
B. tip necessary to get a waiter to reserve a table
C. minimum wage the worker is willing to accept
D. competitive equilibrium wage.

A. Structural unemployment
B. Cyclical Unemployment
C. Frictional Unemployment
D. None of these answers
E. Sectoral Unemployment

A. Not in the labour force
B. Not in the adult population
C. Unemployed
D. Employed

A. 47.1 Percent
B. 65.9 Percent
C. 50.2 Percent
D. 70.2 Percent