Other Things Constant, When the Work Opportunities in an Occupation

question 46

Multiple Choice

Other things constant, when the work opportunities in an occupation are unstable (that is, layoffs are common) , the hourly wages of workers in the occupation will tend to be

• A) higher than the wages of workers with otherwise similar jobs.
• B) lower than the wages of workers with otherwise similar jobs.
• C) below market equilibrium.
• D) above market equilibrium.

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Definitions:

Forecasting Human Resources

involves predicting an organization's future workforce needs to ensure it has the right number of employees with the necessary skills.

Organizational Objectives

The goals or targets that a company aims to achieve, which guide its operational and strategic activities.

Business Cycles

Business cycles refer to the fluctuations in economic activity that an economy experiences over a period, characterized by expansion and contraction phases.

Labour Mobility

The extent to which workers can move easily between jobs, locations, or industries, influenced by factors such as regulations and qualifications.