Which type of unemployment would still exist even with the wage at the competitive equilibrium?
Correct answer A. Frictional unemployment
Subject / 2,616 questions
Economics MCQs
Page 81 of Economics multiple-choice questions with answers. Tap an option to check yourself.
Page 81 of 131
- Miscellaneous Economics 737
- Basic of Economics 430
- Markets, Efficiency And The Public Interest 167
- Agriculture & Irrigation System of Pakistan 126
- Market 87
- Macroeconomic Issues and Analysis 75
- Money, Interest Rates And Output 73
- Introduction To Economics 70
- Population And Development 62
- Profit Maximizing Under Perfect Competition And Monopoly 56
- Income Inequality 52
- Non-Tariff Trade Barriers 48
- Aggregate Supply, Unemployment And Inflation 45
- Natural Resources and the Environment Toward Sustainable Development 44
- Costs , Supply And Perfect Competition 44
- Human Capital 42
- Labour Market 39
- Monopoly 35
- Long Term Economic Growth 30
- Inflation & Productivity 30
- Regional Trading Arrangements 29
- Characteristics and Institutions of Developing Countries 24
- Oligopoly 23
- Consumer Theory vs. Real Consumers 20
- Applied Microeconomics 20
- Alternative Theories Of The Firm 20
- Public Goods 20
- Balance of Payments, Aid and Foreign Investment 19
- Prices, Wages & Taxes 19
- Comparative GDP 19
- Budget Deficits And The Trade Balance 18
- Macroeconomic Policy Tools 18
- Asymmetric Information 17
- Application of Economics 16
- Production Factors 16
- Monopoly & Competition 15
- Capital Formation, Investment Choice, Information Technology, And Technical Progress 15
- Monetary, Fiscal And Incomes Policy, And Inflation 15
- Average And Total Cost 14
- Poverty, Malnutrition, And Income Inequality 12
- Monetary Union 10
What is the retail price index used for?
Correct answer B. Measuring changes in the cost of living
If unemployment insurance were so generous that it paid laid-off workers 95 per cent of their usual salary, what would likely happen?
Correct answer D. The official unemployment rate would probably overstate true unemployment
Advertisement
When is the marginal revenue product of labour likely to be wage inelastic?
Correct answer A. Demand for the final product is price inelastic
Your income is Rs 10,000 one year and Rs 12,000 the next. By what percentage has it grown?
Correct answer A. 20%
What is a fall in the supply of labour likely to cause?
Correct answer D. A higher equilibrium wage and lower quantity of labour
How does a positive linear relationship appear on a graph?
Correct answer A. It moves up to the right
If we know how much of a product buyers want to purchase at every possible price, what do we know?
Correct answer A. Demand
In which case is the demand for labour more likely to be wage inelastic?
Correct answer D. Wages are a small proportion of total costs
Advertisement
The equilibrium price clears the market. At this price, which conditions hold?
Correct answer E. C and D
In a perfectly competitive labour market, firms are wage takers. What is the marginal cost of labour equal to?
Correct answer A. The average cost of labour
Which pair of factors does NOT directly affect the demand curve?
Correct answer D. The costs of production, bank opening hours
If the minimum wage is set above the equilibrium wage rate, other things being equal, what will result?
Correct answer B. There will be excess supply in the labour market
Which of the following can cause a demand curve to shift?
Correct answer D. All of the above
Supply-side policies are best suited to tackling which of these problems?
Correct answer B. Voluntary unemployment
Advertisement
If a rise in the price of good A raises the quantity demanded of good B, what kind of good is B?
Correct answer C. Substitute good
What happens in the labour market when the real wage is set too high?
Correct answer A. The quantity of labour demanded is lower than the quantity supplied
A rise in consumer income increases demand for a ____ but reduces demand for a ____. Which pair completes the sentence?
Correct answer C. Normal good, inferior good
When does occupational immobility of labour arise?
Correct answer B. When people do not have the right skills to work
By which of these will the basic economic problems NOT be solved?
Correct answer D. The creation of unlimited resources