The labour market (OCR A-Level Economics): Quizzes
📚Quizzes
Practise the questions
15 questions from this quiz
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Practise the questions
15 questions from this quiz
What are wage differentials?
What are wage differentials?
Variations in wages across workers
What defines a monopsony?
What defines a monopsony?
Only one buyer in the market
What is a trade union?
What is a trade union?
Organized worker association
What characterizes a bilateral monopoly?
What characterizes a bilateral monopoly?
One supplier and one buyer
Why do higher skill levels lead to wage differentials?
Why do higher skill levels lead to wage differentials?
Increased productivity & scarcity
How do trade unions affect wage differentials?
How do trade unions affect wage differentials?
Higher wages via bargaining power
What does compensating wage differential theory explain?
What does compensating wage differential theory explain?
Higher pay for unpleasant jobs
What does human capital theory suggest?
What does human capital theory suggest?
Education raises productivity & wages
How does a monopsonist affect wages?
How does a monopsonist affect wages?
Sets lower wages than competitive
What efficiency problem do monopsonies cause?
What efficiency problem do monopsonies cause?
Allocative inefficiency
What is collective bargaining?
What is collective bargaining?
Union negotiates for members
How is price determined in a bilateral monopoly?
How is price determined in a bilateral monopoly?
Through negotiation/bargaining
What is the equilibrium wage in a competitive labour market?
What is the equilibrium wage in a competitive labour market?
Where labour demand = supply
How does increased productivity affect labour demand?
How does increased productivity affect labour demand?
Makes labour more valuable
How does migration affect labour supply?
How does migration affect labour supply?
Increases labour supply