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1. Which one of the following explains labour economics?

Any material or property of the environment that can satisfy human want
Something material or abstract that can be used to satisfy some human want
Substances that can be transformed into artefacts
the behaviour of entrepreneurs and workers in response to general incentives of profit and non-monetary factors

2. Labour market are defined as all the institutional arrangements designed to facilities the contract between buyers and sellers of labour services. True/ False


3. Unemployment means that:

there are some people who will not work at the going wage rate.
people are not willing to work at the going wage rate.
at the going wage rate, there are people who want to work but cannot find work.
there is excess demand in the labour market.


Labour economics has generated other functions like labour law among others that regulate and relationship.

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