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3240f04 - York University Final Examination Course Director...

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York University Final Examination Course Director: S.H. Chiang Course number: ECON 3240.03A; Date: December 8, 2003 (2:00-4:30pm; CLH-G) I. Answer the following related questions: 1. De fi ne general vs fi rm-speci fi c human capital. Spell out their di ff erences. ( 5% ) 2. Explain the relationship between wage and productivity pro fi les for these types of human capital. ( 5% ) 3. How do employers typically fi nance human capital investment? ( 5% ) 4. Baseball players are often placed in the minor league before they can join the major league. While they are playing in the minor league, they are undertaking training with hope to break into the major league. Baseball skills are purely general, yet those minor league players are paid during their tenure in the minor league. How can you justify this phenomenon? II. Use the diagram(s) to answer the following related questions: 1. Assume that there is only a single buyer in the labour market (monop- sony). Describe how wage and employment are determined under this market structure.
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