Sample Final (Fall 2004)

Sample Final (Fall 2004) - YORK UNIVERSITY ATKINSON FACULTY...

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YORK UNIVERSITY ATKINSON FACULTY OF LIBERAL AND PROFESSIONAL STUDIES SCHOOL OF ANALYTIC STUDIES AND INFORMATION TECHNOLOGY AK/ECON 3610 3.0: Labour Economics, Fall 2004 Professor Steven Wald FINAL EXAMINATION Friday, December 17, 7 – 10 p.m. This exam contains 9 pages in total. EXAM DETAILS There are two sections to this exam. The first section contains 20 multiple choice questions. For each question, record the best answer in the exam booklet. Each question is worth 1.5 marks (Section Total = 30 marks). The second section contains 9 questions. Answer only 7 of these 9 questions. If more than 7 questions are attempted, you will be graded on the first 7 answered. Each of these questions is worth 10 marks (Section Total = 70 marks). GOOD LUCK and HAPPY HOLIDAYS! 1
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MULTIPLE CHOICE QUESTIONS. 20 QUESTIONS AT 1.5 MARKS EACH = 30 MARKS. FOR EACH QUESTION, WRITE THE ONE CORRECT ANSWER IN YOUR EXAM BOOKLET. 1. To be counted as one of the official unemployed, one needs to be: a. 15 or older and actively seeking employment. b. 15 or older and not seeking employment. c. Under 15 and a full-time student. d. 15 or older and incarcerated in a corrections facility. 2. When economists refer to labour demand as a derived demand, they mean: a. Its demand is derived from supply. b. Its demand is derived from the demand for the good or service workers contribute to producing c. Its demand is found by taking the first derivative of the total revenue function. d. Its demand is derived from the historical precedent of compensation for comparable jobs. 3. The Marginal Product of Labour represents the: a. Additional output generated by increasing both labour and capital such that the factor proportions used in the production process are unaltered. b. Additional sales generated by increasing labour by one unit. c. Additional output generated by increasing capital by one unit. d. Additional output generated by increasing labour by one unit. 4. A monopsonist pays a wage: a. Equal to the marginal revenue product of labour. b. Lower than the government-mandated minimum wage. c. Between the wage determined in a competitive market and the marginal expense of labour. d. Lower than the wage determined in a competitive labour market. 5. In which case is the total amount of a payroll tax paid by employees through lower wages? a. When the labour supply curve is downward-sloping and intersects the labour demand curve along the x-axis. b. When the labour supply curve is horizontal (perfectly elastic). c. When the labour supply curve is upward-sloping at a 45-degree angle. d. When the labour supply curve is vertical (perfectly inelastic). 2
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6. In which type of labour market might the formation of a union be the most beneficial to its members? a.
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This note was uploaded on 02/05/2011 for the course ECON 3610 taught by Professor Steve during the Fall '11 term at York University.

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Sample Final (Fall 2004) - YORK UNIVERSITY ATKINSON FACULTY...

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