laborexam1f07

laborexam1f07 - Labor Exam 1 By writing your PID below you...

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Labor Exam 1 By writing your PID below, you are indicating September 28, 2007 your intention to abide by the honor pledge: PID: There are ten short - answer questions worth 4 points apiece. There are two long - answer questions worth 10 points apiece. The space provided should be sufficient to answer each question. Short answer questions ( 30 minutes total ) 1. Over the past century, real household income has increased substantially in the United States. At the same time, the average number of children born to a woman during her lifetime has fallen from about three children per woman to two children. Does this suggest that children are inferior goods? 2. What determines a worker s reservation wage? ( I am looking for a mathematical expression, in part. ) 3. A firm may still behave like a monopsonist, even if it is not literally the sole employer of labor in some market. In what circumstances might a firm exhibit some monopsony power?
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Labor Exam 1, page 2 of 2 4. In general, supply curves always slope upward. Is this true of an individual
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This note was uploaded on 03/19/2010 for the course ECON 480 taught by Professor Kinlaw during the Spring '08 term at UNC.

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laborexam1f07 - Labor Exam 1 By writing your PID below you...

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