Which of the Following Identifies Two Crucial Dimensions of the Labour

question 29

Multiple Choice

Which of the following identifies two crucial dimensions of the labour market?

• A) occupational grouping and geographic scope
• B) unemployment rate and turnover in the area
• C) availability of labour and types of legislation
• D) education levels and experience ratings

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Definitions:

Opportunity Cost

The penalty of dismissing the closest superior alternative when engaging in the process of decision-making.

Production Possibilities Frontier

A curve depicting all maximum output possibilities for two or more goods given a set of inputs (resources, technology).

Strike

A work stoppage caused by the mass refusal of employees to work, usually in an attempt to gain better wages or working conditions.

Production Possibilities Frontier

A curve depicting all maximum output possibilities for two or more goods given a set of inputs (resources), assuming all inputs are used efficiently.