LABOR ECONOMICS EXAMINATION QUESTIONS AND CORRECT ANSWER WITH EXPLANATION GRADED A+ STUDY GUIDE SOUTHERN NEW HAMPSHIRE UNIVERSITY

LABOR ECONOMICS EXAMINATION QUESTIONS AND
CORRECT ANSWER WITH EXPLANATION GRADED A+
STUDY GUIDE SOUTHERN NEW HAMPSHIRE UNIVERSITY

1. Labor economics studies:

A. Cooking systems
B. Labor markets and wages
C. HR only
D. Marketing only
Answer: B
It focuses on employment, wages, and labor markets.



2. Labor force includes:

A. Children only
B. Employed and unemployed people willing to work
C. HR force
D. Cooking force
Answer: B
Economically active population.



3. Unemployment refers to:

A. Working people
B. People without jobs but seeking work
C. HR unemployment
D. Cooking unemployment
Answer: B
Jobless but active seekers.



4. Labor supply is:

,A. Firms offering jobs
B. Workers willing to work
C. HR supply
D. Cooking supply
Answer: B
Workers available for employment.



5. Labor demand comes from:

A. Workers
B. Employers
C. HR demand
D. Cooking demand
Answer: B
Firms hiring workers.



6. Wage is:

A. Profit
B. Payment for labor
C. HR wage
D. Cooking wage
Answer: B
Compensation for work.



7. Real wage is:

A. Nominal wage
B. Wage adjusted for inflation
C. HR wage
D. Cooking wage
Answer: B
Purchasing power of income.



8. Nominal wage is:

, A. Adjusted wage
B. Money wage without adjustment
C. HR wage
D. Cooking wage
Answer: B
Stated wage.



9. Labor market equilibrium occurs when:

A. Demand > supply
B. Demand equals supply
C. HR equilibrium
D. Cooking equilibrium
Answer: B
Balance in labor market.



10. Unemployment rate is:

A. Employed/total
B. Unemployed/labor force
C. HR rate
D. Cooking rate
Answer: B
Standard measurement.



11. Frictional unemployment is:

A. Long-term unemployment
B. Short-term job search unemployment
C. HR friction
D. Cooking friction
Answer: B
Between jobs.



12. Structural unemployment is: