Labour Market MCQ Quiz

Recruiting is the correct answer because it refers to the process of attracting individuals for specific jobs in an organization. This process involves sourcing, screening, and selecting candidates who are the most suitable for the job requirements. Firing refers to the termination of employment, staffing refers to the overall process of managing the workforce, and leading refers to the act of guiding and motivating employees towards achieving organizational goals.

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.

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.

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."

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.

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.

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.

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.

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."

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.