1
2026 – S1 – ECS2604 – ASSESSMENT 1 – Q&A
QUIZ
Assessment 1
Started on Wednesday, 8 April 2026,
State Finished
Completed on Wednesday, 8 April 2026,
Time taken
Marks 20.00/20.00
Grade 100.00 out of 100.00
Question 1
Use the information from the following table to answer the question that follows:
Wage (W) Short-run labour (E) Long-run labour (E)
Work hours
Period 1 800 12 200 200
Period 2 880 10 180 150
The long-run elasticity of labour demand is equal to:
a.
-2.50
b.
-1.67
c.
-1.00
d.
1.67
e.
2.50
Feedback
Your answer is correct.
The correct answer is:
, 2
2026 – S1 – ECS2604 – ASSESSMENT 1 – Q&A
-2.50
Question 2
Which of the following is NOT a unique characteristic of the labour market?
• The worker is not a product but a human being.
• The employer only purchases the services of the workers by means of a contractual
relationship.
• Workers are not standardised, since they are different in terms of skills, personality,
etc.
• The worker’s personality characteristics can’t be fully determined by the employer
before employment starts.
• The worker’s personality characteristics remain the same over time.
Feedback
Your answer is correct.
The correct answer is:
The worker’s personality characteristics remain the same over time.
Question 3
Which of the following is NOT an assumption of a perfectly competitive labour market?
a.
Workers have full information on jobs available and wage rates.
b.
Employers have full information on wage rates paid by other employers.
c.
Workers and employers are entirely rational.
d.
Neither workers nor enterprises exercise any influence over the market wage.
e.
Workers are immobile and will only work in the same region in their entire lives.
2026 – S1 – ECS2604 – ASSESSMENT 1 – Q&A
QUIZ
Assessment 1
Started on Wednesday, 8 April 2026,
State Finished
Completed on Wednesday, 8 April 2026,
Time taken
Marks 20.00/20.00
Grade 100.00 out of 100.00
Question 1
Use the information from the following table to answer the question that follows:
Wage (W) Short-run labour (E) Long-run labour (E)
Work hours
Period 1 800 12 200 200
Period 2 880 10 180 150
The long-run elasticity of labour demand is equal to:
a.
-2.50
b.
-1.67
c.
-1.00
d.
1.67
e.
2.50
Feedback
Your answer is correct.
The correct answer is:
, 2
2026 – S1 – ECS2604 – ASSESSMENT 1 – Q&A
-2.50
Question 2
Which of the following is NOT a unique characteristic of the labour market?
• The worker is not a product but a human being.
• The employer only purchases the services of the workers by means of a contractual
relationship.
• Workers are not standardised, since they are different in terms of skills, personality,
etc.
• The worker’s personality characteristics can’t be fully determined by the employer
before employment starts.
• The worker’s personality characteristics remain the same over time.
Feedback
Your answer is correct.
The correct answer is:
The worker’s personality characteristics remain the same over time.
Question 3
Which of the following is NOT an assumption of a perfectly competitive labour market?
a.
Workers have full information on jobs available and wage rates.
b.
Employers have full information on wage rates paid by other employers.
c.
Workers and employers are entirely rational.
d.
Neither workers nor enterprises exercise any influence over the market wage.
e.
Workers are immobile and will only work in the same region in their entire lives.
