Practice Exam 2 5850 F17.pdf - ECONOMICS 5850 EXAM#2 Answer 10 of the following questions 10 only the first 10 will be graded If you answer more than

Practice Exam 2 5850 F17.pdf - ECONOMICS 5850 EXAM#2 Answer...

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ECONOMICS 5850 EXAM #2 Answer 10 of the following questions. If you answer more than 10, only the first 10 will be graded. Good luck.
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1. Compare and contrast human capital theory with screening theory. Which does empirical evidence tend to support? Explain. 2. A researcher estimates the following wage equation: ln 𝑤 = 𝛽 0 + 𝛽 1 𝐹 Where F is a binary variable equal to 1 if an individual is female and 0 if otherwise. He estimates that 𝛽 1 = 0.60 . Interpret and critique this result.
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3. Describe two scenarios under which wages may be less than the marginal revenue product of labor in the neoclassical model. 4. The second most popular college major is psychology. Yet, the median psychology major earns $45,000 per year while the median mathematics and computer science double-major earns over double ($98,000 per year). Use human capital theory to explain why so many people major in psychology rather than double major in mathematics and computer science.
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5. The median truck driver in the United States earns $48,000.
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