laborexam1s09

laborexam1s09 - Labor Exam 1 February 17, 2009 By writing...

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Labor Exam 1 By writing your PID below, you are indicating February 17, 2009 your intention to abide by the honor pledge: PID: There are ten short - answer questions worth 4 points apiece. There are three long - answer questions worth 10 points apiece. The space provided should be sufficient to answer each question. Short answer questions ( 30 minutes total ) 1. A person chooses not to work in the labor market if what is true? 2. My buddy, Doc Tim, lives in Ontario but is invited to a wedding in Texas. He decides to drive instead of fly, since it is cheaper: the price of four airline tickets for his family would be $1,000 ; driving ( plus meals and motels ) would cost only $300 . Comment on his behavior. 3. When the price of an input rises, a firm experiences which two effects?
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Labor Exam 1, page 2 of 6 4. The labor demand elasticity is higher in the long run than in the short run. Using one of Marshall’s laws of derived demand, explain why this is true. 5. A worker’s “no
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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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laborexam1s09 - Labor Exam 1 February 17, 2009 By writing...

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