Final Exam Solutions The following are one possible set of answers to the final. Other answers (especially on the long-answer questions) could also be correct. 1. List the four components of labor supply. (Number of) workers, hours (per worker), skill, an
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Final E xam
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Econ 480
Final exam
November 11th, 2010
Instructions:
This is a 90 minutes examination:
o There are 14 multiple-choice questions worth 3 points apiece.
o There is one numerical short-answer question worth points.
o There is one graphical short-answer ques
Chapter 2
1. What happens to the reservation wage if nonlabor income increases, and why?
2. What economic factors determine whether a person participates in the labor
force?
3. How does a typical worker decide how many hours to allocate to the labor
marke
Econ 480
Midterm 2
November 11th, 2010
Instructions:
This is a 70 minutes examination:
o There are 10 multiple-choice questions worth 4.5 points apiece.
o There is one numerical short-answer question worth 20 points.
o There is one graphical short-answer
Lecture Notes 4
The third technique involves the use of Lagrangians, which you may have
encountered if youve taken a multivariate calculus class. These are somewhat
technical and unintuitive, but easy once you get the hang of them. Dont worry if
you dont
Lecture Notes 5
Then if we estimate the equation,
Earnings = a + b ! Class + e
we would find that the average effect of the class is $875. This is accurate, but only for
the people who selected to take the class. It is not generally true of the population
Chapter 2
1. What happens to the reservation wage if nonlabor income increases, and why?
2. What economic factors determine whether a person participates in the labor
force?
3. How does a typical worker decide how many hours to allocate to the labor
marke
Lecture Notes 3
Everything in economics is a constrained optimization problem. Remember the
definition you first heard in intro micro: economics is the study of the behavior of
individuals who satisfy their wants, given limited resources. Youd like to wat
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Homework 2
ECON 480, Shrago
Due 02/03/2017 at 10:10 AM
Rules and Notes:
Each problem subsection is worth 5 points.
You are welcome to work with other students on all HW assignments. However, each student must hand in
their own assignment.
You must show
Econ 480
Midterm1 - MCQ
February 21, 2012
Multiple-choice questions (30 points)
Name:
PID:
Circle the correct answer. Do not provide justifications.
1. According to our simple model of a competitive labor market equilibrium, minimum wage
laws are likely t
Econ 480
Midterm1 SA2
February 21, 2012
Short answer question 2 (33 points)
Name:
PID:
Answer the following questions using numerical answers. Show all work: partial credit is given
for correct reasoning even if the numbers are wrong.
Saez Inc. is a small
Econ 480
Midterm1
October 2nd , 2012
Multiple-choice questions (30 points)
Name:
PID:
Section (circle one): 12:30pm / 2:00pm
Circle the correct answer. Do not provide justifications.
1. Why are university students usually not considered unemployed, even t
Econ 480
Midterm1
October 5th, 2010
Instructions:
This is a 70 minutes examination:
o There are 10 multiple-choice questions worth 4.5 points apiece.
o There is one numerical short-answer question worth 20 points.
o There is one graphical short-answer que
Econ 480
Midterm1 SA1
October 5th, 2010
Short answer question 1 ( 37 points)
Name:
PID:
Marie is a single mother with two kids with who works selling entrance tickets to the Eiffel
tower. She has flexible hours, can work a maximum of 200 hours per month a
Lecture Notes 2
Given two sets X andY , a function is a rule that associates each member of X with
exactly one member ofY . Intuitively, y is a function of x means that the outcome y
depends on some x. For example, how happy you are might depend on how ma
Lecture Notes 1
Economics is based on an assumption that people have rational preferences. This
has three very simple rules. First, people care about final goods, and they are
inherently indifferent toward wealth and prices. A twenty-dollar bill does not