Labour Markets

Who demands labour in the labour market?

• Governments and households.

• Firms and individuals.

• Firms and governments.

• Businesses and households.

Answer explanation

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Why is labour considered a 'derived demand'?

• The demand for labour is derived from the demand for Australia’s exports.

• The demand for labour is derived from the demand for capital.

• The demand for labour is derived from the supply of labour.

• The demand for labour is derived from the demand for goods and services.

Answer explanation

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The diagram shows the market for skilled labour in the mining industry. Which of the following factors could cause a movement in labour demand from D to D1?

• An increase in the supply of skilled labour seeking work

• An increase in the cost of new machinery

• A decrease in the wage rate offered by employers for skilled labour

• An increase in the national minimum wage for skilled labour

Answer explanation

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What does the participation rate measure?

• The percentage of the population that is employed.

• The percentage of the population that is in the labour force.

• The percentage of the working-age population that is in the labour force.

• The percentage of the population that is unemployed.

Answer explanation

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The education, experience and skill levels of the labour force is known as:

• Capital deepening.

• Human capital.

• Occupational mobility.

• Labour productivity.

Answer explanation

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What is the effect of decreasing wages on the supply of labour?

• There would be a increase in the number of workers seeking employment.

• There would be a decrease in the number of workers seeking employment.

• The labour supply curve would not shift.

• The labour supply curve would shift to the right.

Answer explanation

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Which of the following people are not included in the Australian labour force for statistical purposes?

• People who are injured and on leave receiving workers compensation.

• People over 15 years of age who are only working one hour per week.

• Self-employed people working in a family-run business.

• Full-time students over 15 years of age.

Answer explanation

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Firms in the automotive manufacturing industry reduce the size of their workforce due to higher costs and competition from cheaper imports. Which term best describes this type of unemployment?

• Structural

• Seasonal

• Frictional

• Cyclical

Answer explanation

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The table shows labour market statistics for a hypothetical economy. Which of the statistics about the workforce and unemployment rate is correct?

• Workforce = 16 million and unemployment rate = 12%

• Workforce = 15 million and unemployment rate = 19%

• Workforce = 18 million and unemployment rate = 27%

• Workforce = 16 million and unemployment rate = 19%

Answer explanation

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The table shows employment data for a hypothetical economy. In which year is the participation rate 62.5%?

• 1

• 2

• 3

• 4

Answer explanation

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