CVE Labor Market & Economic Analysis Flashcards

When a vocational evaluator conducts a labor market survey for a specific geographic area, the evaluator is attempting to establish which of the following?

Answer: That identified occupations actually exist and are available in the client's relevant labor market

Labor market surveys confirm that occupations identified in the vocational evaluation actually exist in the client's relevant geographic labor market in significant numbers.

Which term refers to the systematic reduction in a damage award to account for the time value of money in vocational economics?

Answer: Present value discounting

Present value discounting adjusts future economic losses to reflect their current value, accounting for the fact that money received today is worth more than the same amount received in the future.

A vocational evaluator testifying as an expert witness in a personal injury case will MOST likely be asked to address which economic issue?

Answer: The difference in earning capacity between the plaintiff's pre-injury and post-injury vocational potential

Vocational expert testimony in personal injury cases typically addresses earning capacity — quantifying the vocational and economic loss caused by the injury.

The 'median annual wage' statistic from BLS occupational data represents which measure?

Answer: The wage at which half of workers in an occupation earn more and half earn less

The median annual wage is the midpoint of the wage distribution — exactly half of workers earn above and half earn below this figure.

Which factor would MOST likely REDUCE a client's labor market access percentage in a vocational evaluation?

Answer: A restriction to sedentary work with no climbing, limited lifting, and no exposure to temperature extremes

Physical and environmental restrictions significantly narrow the range of occupations the client can perform, thereby reducing their overall labor market access percentage.

In workers' compensation vocational evaluation, 'return to work potential' is assessed by examining which combination of factors?

Answer: Residual functional capacity, transferable skills, labor market conditions, and available accommodations

Return to work potential is assessed by evaluating the client's functional capacity, transferable skills, relevant labor market conditions, and available workplace accommodations.