laborexam2f05

laborexam2f05 - Labor Examination 2 3rd of November, 2005...

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Labor Examination 2 3 rd of November, 2005 This exam consists of ten short questions ( worth four points apiece ) and four long questions ( worth fifteen points each ) , for a total of 100 points. You have 80 minutes to answer all completely and clearly in the space provided. Short Questions 1. Explain why wage growth decreases as a worker gets older. 2. What must be true in order for employers to use schooling as a signal of a worker s quality? 3. What determines the labor demand curve of a competitive firm in the short run? 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.
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5. What does the capital - skill complementarity hypothesis state? 6. How are the employment and wages of a monopolist ( in output ) different from a competitive firm? 7. Suppose that, as countries develop, there is a bigger compensating wage differential paid to workers in dangerous jobs. There are two explanations of this phenomenon. The first is that firms start to use different technology, and it is more
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laborexam2f05 - Labor Examination 2 3rd of November, 2005...

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