laborexam3sum08

laborexam3sum08 - Labor Exam 2 By writing your PID below...

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Labor Exam 2 By writing your PID below, you are indicating June 16, 2008 your intention to abide by the honor pledge: PID: This exam consists of ten short questions ( worth four points apiece ) and four long questions ( worth twelve points each ) . 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 are the two types of fixed costs of working, and how does each affect labor supply? 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 four factors affect whether a worker migrates? 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? 7. What happens to wage growth as a worker gets older, and why does this happen?
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