The Labour Market Quiz
Test your knowledge of The Labour Market with these A-Level Economics questions.
This quiz consists of 15 questions. Scroll down to start the quiz!
Questions
What are the four factors of production?
Land, Labour, Capital, Enterprise
What is the usual relationship between demand for labour and wage rates?
An inverse relationship as wage rates increase demand for labour decreases
Why is demand for labour derived from demand?
As it is derived from the demand for the products that labour makes and therefore influenced by productivity
How do you calculate productivity of labour?
Total output / quantity of the factor
According to the marginal productivity of labour theory if a firm was maximising profits at what level would they keep employing workers up to?
Where the MC of employing an extra worker is equal to the MR that they produce
What is the shape of the supply curve for labour?
Slopes upwards at higher wage rates more people will work
What influence does overtime have on the supply of labour?
If overtime is available it helps to increase the supply
State three non-monetary influences on labour supply
Increased mobility of labour, net labour migration, non-monetary characteristics of the job
What types of occupations would you expect to have an inelastic supply of labour?
Highly specialised occupations where you have to do a lot of training like law and medicine
What impact do anti-social hours have on wages?
If a worker is expected to work anti-social hours, then in theory they are likely to be paid more
State three aims of trade unions
- Improve workers’ pay,
- improve working conditions,
- protect members jobs,
- influence government policy,
- provide local social and welfare facilities
Are trade unions more effective at increases wage levels if demand for labour is elastic or inelastic?
Inelastic
What are monopolistic markets?
Where the market is dominated by one buyer who effectively sets the price for the entire market
In the UK what percentage of the population have 94% of the wealth?
50%
Workers in highly desirable jobs such as footballers receive high pay whereas those in less desirable jobs such as factory workers receive lower pay. Explain differences in pay for different workers using your knowledge and economic theory (30 marks)
Level 1 – candidate identifies few issues. Doesn’t apply economic concepts well. Lacks analysis and evaluation. Fails to link issues. Limited understanding of demand and supply for labour. 0-6 marks
Level 2 – candidate recognises a few issues and has a limited application of economic concepts. Basic links between issues. Uses basic demand and supply analysis. 7-12 marks
Level 3 – Identifies a few issues. Applies economic concepts and ideas to the question. Limited evaluation. Links issues and concepts. 13-20 marks
Level 4 – Identify several issues. Inter relates issues economic issues. Talks in economic language and shows a good level of evaluation as to why some workers are paid more than others. 21-26 marks
Level 5 – Shows extensive use of economic vocabulary and thought. Arguments are well formed and information is synthesised. Excellent evaluation of the question with thorough and valid arguments -presented and analysed. 27-30 marks
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