A. A lower equilibrium wage and lower quantity of labour
B. A lower equilibrium wage and higher quantity of labour
C. A higher equilibrium wage and higher quantity of labour
D. A higher equilibrium wage and lower quantity of labour
Economics Mcqs
On a graph, a positive linear relationship……………….?
A. moves down to the right
B. moves up to the left
C. moves up to the right
D. moves down to the left
When we know the quantity of a product that buyers wish to purchase at each possible price we know………….?
A. Demand
B. Supply
C. Excess demand
D. Excess supply
Demand for labour is more likely to be wage inelastic if ?
A. Wages are a small proportion of total costs
B. Demand for the final product is price elastic
C. It is easy to replace labour
D. Capital is a good substitute for labour
The equilibrium price clears the market it is the price at which ……………..?
A. Everything is sold
B. Buyers spend all their money
C. Quantity demanded equal quality supplied
D. Excess demanded equals quantity
E. C and D
In a perfectly competitive labour market firms are wage takers and the marginal cost of labour equals?
A. The average cost of labour
B. The marginal product
C. The marginal revenue
D. The total cost of labour
…….. and ……….. do not directly affect the demand curve ?
A. the price of related goods consumer income
B. consumer incomes, tastes
C. the costs of production bank opening hours
D. the price of related goods preferences
If the minimum wage is set above the equilibrium wage rate, then another thing unchanged ?
A. There will be equilibrium in the labour market
B. There will excess demand in the labour market
C. There will be excess supply in the labour market
D. More people will be employed
A demand curve can shift because changing ?
A. incomes
B. prices of related goods
C. tastes
D. all of the above
Supply side policies are most appropriate to cure ?
A. Involuntary unemployment
B. Cyclical unemployment
C. Voluntary unemployment
D. A fall in aggregate demand