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Name: Topic 4 Test - Labour Markets: Section I - Multiple Choice

This document contains a sample test on labour markets with two sections. Section I has multiple choice questions, while Section II contains short answer questions. Question 21 provides a diagram of the market for skilled labour and asks about the equilibrium wage and quantity, types of market intervention, and the effects of a shortage. Question 22 provides employment data from 2008-2011 and asks about calculating unemployment rates, reasons for changes in part-time work, and impacts of causes of unemployment. The test assesses understanding of labour market concepts.

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24 views8 pages

Name: Topic 4 Test - Labour Markets: Section I - Multiple Choice

This document contains a sample test on labour markets with two sections. Section I has multiple choice questions, while Section II contains short answer questions. Question 21 provides a diagram of the market for skilled labour and asks about the equilibrium wage and quantity, types of market intervention, and the effects of a shortage. Question 22 provides employment data from 2008-2011 and asks about calculating unemployment rates, reasons for changes in part-time work, and impacts of causes of unemployment. The test assesses understanding of labour market concepts.

Uploaded by

Jimmy
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Name:

Topic 4 Test – Labour Markets


Section I – Multiple Choice

Circle the best response.


8. When a person cannot find work because their skills are out of date and they have
become a discouraged worker, this is an example of what?
(A) cyclical then structural unemployment
(B) frictional then hard core unemployment
(C) hidden then frictional unemployment
(D) structural then hidden unemployment
REWORD QUESTION 13
Section II – Short Answers

Complete all questions in the space provided.

Question 21 (10 marks)

The following diagram illustrates the market for skilled labour

a) What is the market equilibrium wage and quantity of skilled workers? (1 mark)

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b) Identify the type of market intervention by the government if they wanted a wage rate of $800
(1 mark)

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c) Explain why a shortage of skilled labour would occur at the wage rate of $800 (2 marks)

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d) Using the diagram above, explain the effect of a shortage of skilled labour on the wage rate and
employment of skilled workers (2 marks)

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e) Suggest and justify TWO policies the Australian government could use to address a skills
shortage in the labour market (4 marks)

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Question 22 (10 marks)

a) Calculate the unemployment rate for 2008-09 (1 mark)

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b) Calculate the size of the labour force in 2010-11 (1 mark)

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c) Suggest a possible reason for the steady rise in part-time employment between 2007-08 and
2010-11 (2 marks)

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d) Discuss the impacts of TWO causes of unemployment on the Australian economy (6 marks)

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END OF PAPER

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