Labour Market

Labour can be defined as ______

• man-made goods used in production of goods and services

• money used to purchase goods and services

• all human efforts directed towards the production of goods and services

• the human that co-ordinates all other factors of production.

Market is any means through which ________

• buyers and sellers can exchange goods and services

• goods and services can be produced

• sellers can exchange goods with each other

• buyers can exchange goods with one another

___________ is defined a market where employers and employees determine wage payment.

• Capital market

• Commodity market

• Labour market

• Foreign exchange market

The major difference between wages and salary is ______

• salary is paid hourly while wages is paid monthly

• wages is paid weekly while salary is paid monthly

• salary is paid weekly while wages is paid monthly

• there are no differences between wages and salary

Individual's choice of occupation can be influenced by _____ and _____

• wage factor and non-wage factor

• salary and wage factor

• time and money factor

• All of the above

Wages are determined by the interaction of ______

• buyers and sellers

• workers and employees

• demand for labour and supply of labour

• consumers and manufacturer

Demand for labour is ________

• the total number of workers, employers are willing and able to employ at a given wage rate and at a particular time.

• the total number of workers that are willing and able to work at a particular time.

• the total number of workers that are unable to find job.

• the total number of workers that want to work and cannot find job.

Wage payment is the _______

• payment given to labour for work done or service rendered

• payment given to labour for job not done.

• money paid to labour for service not rendered

• All of the above

The total numbers of people in an economy who are of working age and who are willing and able to work is called ________

• demand for labour

• labour

• employers

• supply of labour

Demand for labour is _______

• Derived supply

• Derived demand

• Value added demand

• Wage determination