Started on Friday, 22 March 2024, 9:46 PM
State Finished OSCAR THE TUTOR
Completed on Friday, 22 March 2024, 10:12 PM whatsapp +27737560989
Time taken 26 mins 32 secs for
Marks 28.00/30.00 FAC,MAC,ECS,TAX,FIN,INV,QMI,BNU,
Grade 93.33 out of 100.00 M
NB,MNG ,STA tutoring
Question 1 Which of the following is NOT an assumption of a perfectly competitive labour market?
Correct
Mark 2.00 out a. Employers have full information on wage rates paid by other employers.
of 2.00
Flag
b. Neither workers nor enterprises exercise any influence over the market wage.
question
c. Workers are immobile and will only work in the same region in their entire lives.
d. Workers and employers are entirely rational.
e. Workers have full information on jobs available and wage rates.
Your answer is correct.
The correct answer is:
Workers are immobile and will only work in the same region in their entire lives.
Question 2
Which of the following is NOT a unique characteristic of the labour market?
Correct
Mark 2.00 out
of 2.00
Flag a. Employer only purchases the services of the workers by means of a contractual relationship.
question
b. The worker’s personality characteristics can’t be fully determined by the employer before employment starts.
c. The worker’s personality characteristics change over time.
d. Workers are not standardised, since they are different in terms of skills, personality, etc.
e. The worker’s remuneration is affected by personal taxation and his or her standard of living, but is unaffected by inflation.
Your answer is correct.
The correct answer is:
The worker’s remuneration is affected by personal taxation and his or her standard of living, but is unaffected by inflation.
Question 3
Use the table below to answer the question that follows:
Correct
Mark 2.00 out
Labour (L) Capital (K) Total product (TP)
of 2.00
0 10 00
Flag
question 1 10 10
2 10 30
3 10 60
4 10 80
Which input is a fixed input in the short run?
a.
Labour
b. None of the options are correct.
c.
Both labour and capital.
d. Entrepreneurship
, e. Capital
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Your answer is correct. for
The correct answer is: FAC,MAC,ECS,TAX,FIN,INV,QMI,BNU,
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Question 4
Use the information in the following table to calculate the labour force participation rate (LFPR) of a hypothetical country in 2021. Round
Correct
off the answer to 2 decimal places.
Mark 2.00 out
of 2.00 Full population (all ages) 9 000 000
Flag Working-age population 6 000 000
question
Labour force 4 500 000
LFPR = 66.67%
LFPR = 83.33%
LFPR = 85.71%
LFPR = 50.00%
LFPR = 75.00%
Your answer is correct.
The correct answer is:
LFPR = 75.00%
Question 5
The following graph illustrates equilibrium in a perfectly competitive labour market. Make use of the graph to answer the question that
Correct follows
Mark 2.00 out
of 2.00
Flag
question
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Which of the following is correct?
a. Equilibrium takes place when labour demand and labour supply curves intersect.
b. The number of workers employed is E 1 at equilibrium.
c. The number of workers employed is E 3 at equilibrium.
, d. The equilibrium wage is W3.
e. Equilibrium wage is W1.
Your answer is correct.
The correct answer is:
Equilibrium takes place when labour demand and labour supply curves intersect.
Question 6
The firm's labour demand curve in the short run
Correct
Mark 2.00 out
of 2.00
Flag a. Is the downward-sloping segment of the value of the marginal product curve.
question
b. Is vertical.
c. Is upward sloping
d. Is horizontal.
e. Is the downward-sloping segment of the marginal product of labour curve.
Your answer is correct.
The correct answer is:
Is the downward-sloping segment of the value of the marginal product curve.
Question 7
Which of the following is NOT an assumption of the perfectly competitive labour market?
Correct
Mark 2.00 out
of 2.00
Flag a. Employers always attempt to maximise their profits.
question
b. Workers make decisions on work on the basis of wages.
c. Workers and enterprises have no influence over market wage.
d. Workers cannot easily move between positions within or between organisations or regions.
e. There is full and perfect knowledge of the market.
Your answer is correct.
The correct answer is:
Workers cannot easily move between positions within or between organisations or regions.
Question 8
Use the table below to answer the question that follows:
Correct
Mark 2.00 out
Labour (L) Capital (K) Total product (TP)
of 2.00
0 5 00
Flag
question 1 5 15
2 5 35
3 5 55
4 5 65
When the quantity of labour equals 2, average product of labour equals:
a. 17.5
b. 35
c. 55
d. 5
e. 2
, Your answer is correct.
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17.5
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FAC,MAC,ECS,TAX,FIN,INV,QMI,BNU,
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Question 9
The y-intercept of the individual labour supply curve relates to the reservation NB,MNG ,STAwhich
wage of the worker, tutoring
means that:
Incorrect
Mark 0.00 out
of 2.00
Flag a. The worker is willing to supply his labour service at this The worker is reluctant to supply his labour service at this
question wage. wage.
b. The non-wage income is very high at this wage.
c.
The worker is reluctant to supply his labour service at this wage.
d. The worker is willing to work at least one hour at this wage.
e. The substitution effect is stronger than the income effect at this wage.
Your answer is incorrect.
The correct answer is:
The worker is reluctant to supply his labour service at this wage.
Question 10
Which of the following is a positive question?
Correct
Mark 2.00 out
of 2.00
Flag What is the unemployment rate in 2024?
question
Should government revise the Labour Relations Act?
Should government implement the basic income grant to reduce the burden on the unemployed?
Should minimum wage in the mining sector be reduced?
Should government aim to reduce unemployment rate to 10% instead of 5% by the end of 2025?
Your answer is correct.
The correct answer is:
What is the unemployment rate in 2024?
Question 11
Assuming leisure is a normal good, then an increase in non-labour income will result in the hours of work to
Correct
Mark 2.00 out
of 2.00
Flag a. Decrease.
question
b. Either decrease or increase.
c. Drop to zero with 100% certainty.
d. Stay the same.
