laborexam3s08

laborexam3s08 - Labor Exam 3 May 6, 2008 By writing your...

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Labor Exam 3 By writing your PID below, you are indicating May 6, 2008 your intention to abide by the honor pledge: PID: This exam consists of ten short questions ( worth four points apiece ) and five long questions ( worth twelve points each ) , for a total of 100 points. You have 120 minutes to answer all completely and clearly in the space provided. Short Questions 1. How is the “unemployment rate” calculated? 2. What does the “Peter Principle” state? 3. Derive ( mathematically ) the condition for a firm’s optimal employment in the short run.
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4. In a two - person model of household production, what determines which partner works in the labor market and which works at home? 5. What is the distinction between the “disemployment” and “unemployment” caused by a minimum wage? Show these graphically. 6. A policy shifts a worker’s budget constraint upwards and, at the same time, makes the budget constraint flatter. What effect will this have on his labor supply?
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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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laborexam3s08 - Labor Exam 3 May 6, 2008 By writing your...

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