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ECON 1150 Problem Set 1 Solutions

# ECON 1150 Problem Set 1 Solutions - ECON 1150 Fall 2010...

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1 ECON 1150 Fall 2010 Problem Set 1: Due 09/22/10 Please be sure that the pages are stapled together in the correct order. Please write neatly. Parts within each question receive equal weight. 1. Suppose we are interested in explaining a relationship between salary and experience. Let the work experience be measured in decades and the salary - in thousands of dollars. Indicate whether you think each of the two statements below are true or false (write TRUE or FALSE next to each of these statements). (a) Consider individual 1 and individual 2. Individual 2 has 10 years of experience more than individual 1. Then, the predicted salary for individual 2 will be thousands of dollars higher than that for individual 1. Solution. TRUE. (b) approximates the average salary for an average experience of individuals. Solution. FALSE. 2. Indicate whether you think each of the two statements below are true or false (write TRUE or FALSE next to each of these statements). The , , and have their

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ECON 1150 Problem Set 1 Solutions - ECON 1150 Fall 2010...

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