Labor Markets Test

What does the labor market refer to?

• Supply of goods and demand for services

• Supply of labor and demand for labor

• Supply of labor and demand for goods

• Supply of services and demand for labor

What does the Labor Force Participation Rate not include?

• Retired individuals

• Adult working age population

• Those seeking employment

• Full time students

What type of unemployment is caused by a skills gap in the labor market?

• Cyclical

• Frictional

• Structural

• Seasonal

What type of unemployment is caused by a recession or economic dip?

• Cyclical

• Frictional

• Structural

• Seasonal

What type of unemployment is caused by workers between jobs or recent graduates looking for employment?

• Cyclical

• Frictional

• Structural

• Seasonal

What are the qualities, training, and skills that make a worker valuable for their labor known as?

• Workforce Potential

• Human Resources

• Labor Assets

• Human Capital

What is Gross Domestic Product (GDP) used to measure?

• Unemployment rate

• Economic growth and standard of living

• Total population of a country

• Inflation rate

What does the Consumer Price Index (CPI) measure?

• Human capital

• Gross Domestic Product (GDP)

• Average change in prices over time

• Labor force participation rate

What demographic factors have impacted the labor force participation rate?

• Age

• Gender

• Race

• Income

The value of a college degree and its impact on your income is known as the __________________.

• Disincentive

• Sheepskin effect

• Labor force

• Consumer price index