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Quiz 1

# Quiz 1 - If a person has completed 12 years of school what...

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Quiz 1 – Monday August 27 Answer Key 1. Who are the 3 key actors in the labor market? 1. Workers/Individuals 2. Firms/Employers 3. Government 2. Identify the following 3 questions as either positive or normative: A. UNC has more students than Duke: positive B. UNC is more fun than Duke: normative C. UNC has won more women’s soccer championships than Duke: positive 3. Suppose we have estimated the following relationship between hourly wage and years of school completed: W = 2 + 0.5 S
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Unformatted text preview: If a person has completed 12 years of school, what is their estimated wage? W = 2 + 0.5(12) = 2 + 6 = \$8 If a person has completed 16 years of school, what is their estimated wage? W = 2 + 0.5(16) = 2 + 8 = \$10 4. It is believed that the number of children you have affects the number of hours worked. Let C stand for number of children and H stand for number of hours worked. Set up a regression equation that could be used to estimate this. H = α + β C...
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