The labour market

Question 1

What is the definition of the labour market?

Answer 1

The labour market is the place where employers seek to hire workers and workers seek to find jobs.

Question 2

True or False: The labour market only includes full-time jobs.

Answer 2

False

Question 3

Fill in the blank: The interaction between supply and demand for labour determines the ________ in the labour market.

Answer 3

wage rate

Question 4

What is meant by ‘labour supply’?

Answer 4

Labour supply refers to the total number of workers willing and able to work at different wage levels.

Question 5

Multiple Choice: What can cause a shift in the labour supply curve?

Answer 5

Changes in population, education levels, and government policies.

Question 6

What is the role of trade unions in the labour market?

Answer 6

Trade unions represent workers’ interests, negotiate wages and working conditions, and advocate for workers’ rights.

Question 7

True or False: Higher wages always lead to an increase in the supply of labour.

Answer 7

False

Question 8

What does ‘unemployment rate’ measure?

Answer 8

The unemployment rate measures the percentage of the labour force that is unemployed and actively seeking employment.

Question 9

Fill in the blank: A ________ market occurs when there are more job seekers than available jobs.

Answer 9

labour surplus

Question 10

Short Answer: Name one factor that can affect the demand for labour.

Answer 10

Technological advancements