The Labor Market in Economics

Instructions:

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question 1 of 3

Based on salary, which role LIKELY represents the lowest supply of able workers?

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1. In Plaintown, there are many restaurants that hire waitstaff, lots of people who want to work as waiters, and the restaurants do not expect prospective waiters to have much experience. Which of the following BEST describes the equilibrium point for labor with regard to waiters?

2. In the United States, there are very few job openings for rocket scientists, and all of these openings require a long list of qualifications. Where would you expect the equilibrium point for rocket scientists to be in the U.S.?

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About This Quiz & Worksheet

Supply and demand and the concept of the labor market are important economic theories to understand. Through asking factual and conceptual questions, this quiz and worksheet combination aims to ascertain your grasp on these ideas.

Quiz & Worksheet Goals

This quiz and worksheet will ask questions pertaining to:

  • Supply curve
  • Examples of supply and demand
  • Impact of government incentives on CEOs

Skills Practiced

Prepare to practice the following skills during the time you spend on the quiz and lesson:

  • Making connections - use understanding of the concept of the labor market in economics
  • Interpreting information - verify that you can read information regarding the supply curve and interpret it correctly
  • Knowledge application - use your knowledge to answer questions about equilibrium points

Additional Learning

To further your knowledge about this subject, complete the lesson titled The Labor Market in Economics. The lesson focuses on these objectives:

  • Address and identify scarcity in the work force
  • Learn why CEOs have a higher salary than teachers
  • Analyze labor forces and the labor market
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