Supply of labour (OCR A-Level Economics): Quizzes
📚Quizzes
Practise the questions
12 questions from this quiz
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Practise the questions
12 questions from this quiz
What does wage elasticity of supply of labour measure?
What does wage elasticity of supply of labour measure?
Responsiveness of labour quantity to wage
What is economic rent?
What is economic rent?
Payment exceeding what keeps factor in use
What are transfer earnings?
What are transfer earnings?
Minimum payment to keep factor in use
How can higher wages affect labour supply beyond a certain point?
How can higher wages affect labour supply beyond a certain point?
Reduce supply due to income effect
How do highly specialized skills affect labour supply to an industry?
How do highly specialized skills affect labour supply to an industry?
Lead to lower supply of labour
How does an aging population affect labour supply?
How does an aging population affect labour supply?
Reduces labour supply
How does high general unemployment affect labour supply to an industry?
How does high general unemployment affect labour supply to an industry?
Increases supply to an industry
How can generous unemployment benefits affect labour supply?
How can generous unemployment benefits affect labour supply?
Reduce incentive to work
How elastic is labour supply for high-skill jobs?
How elastic is labour supply for high-skill jobs?
More inelastic due to training needs
How does time period affect wage elasticity of labour supply?
How does time period affect wage elasticity of labour supply?
Long run more elastic than short run
What is variable in the long run supply of labour?
What is variable in the long run supply of labour?
Training, education, and migration
If wage is £50/hour and transfer earnings are £30/hour, what is the economic rent?
If wage is £50/hour and transfer earnings are £30/hour, what is the economic rent?
£20/hour