laborexam2s08

laborexam2s08 - Labor Exam 2 Mar. 27, 2008 By writing your...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Labor Exam 2 By writing your PID below, you are indicating Mar. 27, 2008 your intention to abide by the honor pledge: PID: There are ten short - answer questions worth 4 points apiece, four long - answer questions worth 12 points apiece, and 2 bonus points. The space provided should be sufficient to answer each question. Short Questions 1. Aside from the benefits to patients, why might it be in the best interest of the American Medical Association to maintain high licensing standards for doctors? 2. Marvin’s annual earnings are determined by the function $ W = $ 30 , 000 + $ 6 , 000 ! S , where S is the number of years of education he acquires after high school. At an interest rate of 10 % , how much education should he get? 3. The hedonic wage function is determined by the tangency between workers’ indifferences curves and what else? ( Be as specific as possible. )
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
4. How does the “ability bias” affect estimates, and of what? ( For two bonus points: we’ve actually discussed two situations where a form of the ability bias appears. ) 5. If the Acme Widget Company is the only producer of widgets
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 7

laborexam2s08 - Labor Exam 2 Mar. 27, 2008 By writing your...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online