Labor Markets Quiz

Ten Labor Markets practice questions cover calculations and concepts. Every answer is explained.

Free, with no sign-up.

For High school students and adults reviewing the topic.

About 13 minutes. 10 questions.

How does it work?

Choose one answer or enter a number in the stated unit, then check it.
Round only the final answer to the precision requested.

What will you get?

Review a score and an explanation for every answer.

Question 1An illustrative survey counts 874 employed people and 46 people available for work and actively seeking it. Find the unemployment rate in percent, rounded to two decimals.

Enter a number in %.

Answers within 0.005 % of the expected value are accepted.

Question 2An illustrative working-age population is 2400, and its labor force is 1680. Find the labor force participation rate in percent, rounded to two decimals.

Enter a number in %.

Answers within 0.005 % of the expected value are accepted.

Question 3A job pays $23 per hour for 32 hours a week plus employer-paid benefits worth $96 per week. Find weekly total compensation in dollars, rounded to two decimals.

Enter a number in dollars.

Answers within 0.005 dollars of the expected value are accepted.

Question 4Customers place more orders for a firm’s output, making an extra shift useful. What links the product market to hiring?

Labor supplied by customers buying the finished goodsA fixed staffing quota imposed by the variety of goodsDemand for labor derived from the value of productionThe firm’s payroll creating demand independently of sales

Question 5A job becomes less attractive after its commute lengthens. What may rise for an otherwise unchanged applicant?

The quantity of output produced during the commuteThe statutory wage floor set by that applicant’s travel timeThe supply of rival applicants growing with that commuteThe compensation needed to make accepting it worthwhile

Question 6A difficult skill attracts low pay where few employers need it. What does this show about wage differences?

Training difficulty fixes earnings despite changes in demandA nationally prescribed wage follows from having a scarce skillThat paycheck measures the employee’s social worthScarcity has to be considered relative to buyers’ demand

Question 7Job seekers have experience in a declining occupation, while vacancies require another skill set. What type of unemployment is illustrated?

Structural unemployment arising from a mismatchSeasonal unemployment caused by a predictable annual closureFrictional unemployment due to a brief search between suitable jobsCyclical unemployment caused by a general spending contraction

Question 8An evaluation estimates the effects of a minimum wage in a market with powerful employers. What should the analyst allow for?

A pay floor sets the selling prices of finished productsCompetitive predictions describe powerful employers unchangedThe employers’ leverage and changes to hours or production methodsWeekly earnings follow the posted rate independently of hours

Question 9Workers negotiate pay, schedules, and safety through a union. What changes in the negotiation process?

The organization replaces product demand as the source of revenueRepresentation pools employees’ bargaining strengthDues paid by members become the employer’s sales revenueThe union buys the employer’s output for the workers

Question 10New software removes a repetitive task while the firm expands another service. What information is needed to assess the employment effect?

Larger software files require deeper workforce reductionsThe balance between displaced tasks and expanding demand for workComputer purchases determine the reduction in staffingExisting job titles preserve the duties people perform

Answer every question to see and share your score.

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