BUEC 280 Sample Midterm Questions Prof. Simon Woodcock, Spring 2007 1. What happens to labour’s share of national income during recessions, and why? 2. What is the difference between earnings and labour income? Explain. 3. Consider the following statement: “in a perfectly competitive labour market, there is never any unemployment.” Is this true? Explain. 4. Is the unemployment rate a good measure of the underutilization of labour? Explain. 5. Is the unemployment rate a good measure of economic hardship? Explain. 6. Does an increase in the minimum wage rate result in a transfer of wealth from one group in the labour force to another? Explain. 7. a. What branch of government has jurisdiction over employment in interprovincial and national industries? b. What branch of government has jurisdiction over employment in other industries? c. Give 3 examples of employment standards legislated in most provinces. 8.
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