Mr. V Econ Unit 4 Test

Front

What are the three criteria economists use to determine if someone is in the labor force?

Back

Availability, willingness, and searching for a job

Front

What does BLS stand for?

Back

Bureau of Labor Statistics

Front

Which of the following is NOT a function of the BLS? Defining labor force criteria, Counting employed people, Providing employment statistics, Setting minimum wage laws

Back

Setting minimum wage laws

Front

What is the definition of outsourcing according to the glossary?

Back

Hiring external firms to perform non-core operations

Front

What is the definition of offshoring according to the glossary?

Back

Moving a business process to another country

Front

Why might American companies engage in offshoring?

Back

To reduce operational costs

Front

If a low-skilled worker loses their job, what are two options they have? Seek higher education or retrain for another job, Immediately find another similar job, Retire early or leave the country, Start their own business or invest in stocks

Back

Seek higher education or retrain for another job

Front

What is the relationship between demand, skilled workers, and wages?

Back

Higher demand for skilled workers leads to higher wages.

Front

Where is the US looking for computer engineers and software programmers?

Back

Globally, in various countries

Front

The law of __________ applies to the world of labor and wages.

Back

supply and demand