Labour Market MCQ Quiz
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In an organization, the process of attracting individuals for specific jobs is classified as what?
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Firing
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Staffing
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Recruiting
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Leading
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We sincerely welcome you to this Labor market quiz! A Labor market is a place where workers and employee meet together conveniently. Do you believe you know everything about it? If so, why not give this awesome quiz a try? We are sure that our fun quiz will test your knowledge and make you think!
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- 2.
Which of the following can be a big reason behind the rise in the wage rates in the labor market?
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An increase in the demand for labor
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A decline in recruitment
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A reduction in demand for labor
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None of the above
Correct Answer
A. An increase in the demand for laborExplanation
An increase in the demand for labor can be a big reason behind the rise in wage rates in the labor market. When there is a higher demand for labor, employers are willing to pay higher wages to attract and retain workers. This can occur when the economy is growing, businesses are expanding, or there is a shortage of skilled workers. As a result, the increased competition for labor drives up wages.Rate this question:
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- 3.
The number of individuals who are selected for actual evaluation in the company for recruitment is called what?
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Labor pool
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Labor force population
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Labor market pool
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Applicant pool
Correct Answer
A. Applicant poolExplanation
The correct answer is "Applicant pool". This refers to the group of individuals who have applied for a job and are being considered for actual evaluation in the company's recruitment process. The term "applicant pool" is commonly used in HR and recruitment to describe this specific group of candidates.Rate this question:
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- 4.
There are many factors that can affect the demand for labor. All of them EXCEPT?
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Extracurricular labor cost
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Productivity of the chosen labor
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The number of recruitment
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The age distribution of the labor market
Correct Answer
A. The age distribution of the labor marketExplanation
The age distribution of the labor market refers to the proportion of workers in different age groups. This factor does not directly affect the demand for labor as it does not impact the cost, productivity, or recruitment of labor. Other factors such as extracurricular labor cost, productivity of the chosen labor, and the number of recruitment can all influence the demand for labor in various industries and sectors.Rate this question:
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- 5.
In terms of employment, the best way to describe the dependency ratio is what?
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Working population / unemployed population
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Number of dependents / working population
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Entire population / working population
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None of the above
Correct Answer
A. Number of dependents / working populationExplanation
The dependency ratio is a measure that describes the number of dependents (such as children and elderly) that a working population must support. It is calculated by dividing the number of dependents by the working population. This ratio helps to determine the burden on the working population and their ability to support those who are dependent on them. Therefore, the correct answer is "Number of dependents / working population."Rate this question:
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- 6.
Which of the is NOT likely to increase the supply of labor?
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A big increase in the school leaving age
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An exponential increase in retirement age
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An increase in the number of migration
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None of the above
Correct Answer
A. A big increase in the school leaving ageExplanation
A big increase in the school leaving age is not likely to increase the supply of labor because it would mean that individuals would stay in school for a longer period of time before entering the workforce. This would delay their entry into the labor market, reducing the number of individuals available for work and therefore decreasing the supply of labor.Rate this question:
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- 7.
A trade union can do all Except which of the following?
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Pressure government to pass laws
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Provide regular pay and bonuses to its members
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Provide legal protection to it's members
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None of the above
Correct Answer
A. Provide regular pay and bonuses to its membersExplanation
A trade union is an organization that represents and protects the rights and interests of its members. It can pressure the government to pass laws that benefit its members and provide legal protection to its members. However, providing regular pay and bonuses to its members is not a function of a trade union. The responsibility of paying wages and bonuses lies with the employer. Therefore, the correct answer is "Provide regular pay and bonuses to its members."Rate this question:
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- 8.
Who created the labor market theory?
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Alfred Marshall and John Bates Clark
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Thorstein Veblen and Henry Ludwell Moore
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Knut Wicksell and Frank H. Knight
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None of the above
Correct Answer
A. Alfred Marshall and John Bates ClarkExplanation
Alfred Marshall and John Bates Clark are credited with creating the labor market theory. They both made significant contributions to the field of economics and specifically focused on the study of labor markets. Marshall's work emphasized the role of supply and demand in determining wages, while Clark's theory highlighted the importance of productivity in determining a worker's value. Together, their theories laid the foundation for understanding the dynamics of labor markets and have had a lasting impact on the field of economics.Rate this question:
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- 9.
The supply pool that's outside the organization to attract individuals for job is called what?
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Compression labor market
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Business market
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Recruitment market
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Labor market
Correct Answer
A. Labor marketExplanation
The correct answer is "Labor market". The labor market refers to the external pool of individuals who are available and seeking employment opportunities outside of the organization. It includes all potential job seekers, whether they are actively looking for work or not. Organizations tap into the labor market to attract and recruit individuals to fill their job vacancies.Rate this question:
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- 10.
The individuals from which the selection can be done after apply all the recruitment strategies are called what?
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Labor force population
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Recruiter population
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Applicant pool
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Labor market
Correct Answer
A. Labor force populationExplanation
The individuals from which the selection can be done after applying all the recruitment strategies are called the labor force population. This term refers to the total number of individuals who are available for employment within a specific geographic area or industry. It includes both employed and unemployed individuals who are actively seeking work. The labor force population is a key factor in recruitment as it represents the pool of potential candidates from which employers can select and hire new employees.Rate this question:
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Current Version
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Aug 16, 2023Quiz Edited by
ProProfs Editorial Team -
Nov 10, 2022Quiz Created by
Tanya Mishra
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