1. (6 marks) Define each of the following three terms in the context of labour markets:...

Question

Question

Answer 1

Answer #1

A.Normative statement is a statement in terms of what ought to be or what should be.Such statements can't be proved or disproved.

B.Employment rate is the ratio of the number of people employed to the labour force.

C.over- paid means that a worker is receiving more payment than what he deserves or his wage rate is more than his marginal productivity.

Answer 2

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