Question 1

A regression of W = a + bX,where W is wages and X is hours worked per week,yielded a t-statistic of 0.75 for b.Statistically speaking,this result suggests that

Accepted Answer

A)  hours worked are probably positively related to wages. 
B)  hours worked are probably negatively related to wages. 
C)  we cannot reject the hypothesis that hours worked are unrelated to wages. 
D)  hours worked are probably related to wages in a minor way. 
A)  hours worked are probably positively related to wages. 
B)  hours worked are probably negatively related to wages. 
C)  we cannot reject the hypothesis that hours worked are unrelated to wages. 
D)  hours worked are probably related to wages in a minor way.

Question 2

Multiple regression analysis uses

Accepted Answer

A)  several dependent variables. 
B)  several independent variables. 
C)  data from several time periods. 
D)  several error terms. 
A)  several dependent variables. 
B)  several independent variables. 
C)  data from several time periods. 
D)  several error terms.

Question 3

Economists generally assume that workers maximize

Accepted Answer

A)  their income. 
B)  their leisure time. 
C)  their utility. 
D)  their nonpecuniary benefits. 
A)  their income. 
B)  their leisure time. 
C)  their utility. 
D)  their nonpecuniary benefits.

Question 4

Resource Scarcity

Accepted Answer

A)  implies that government contractors often build roads that do not meet local road construction standards. 
B)  implies that individuals and society alike do not have the resources necessary to meet all of their wants. 
C)  is a bit of a hoax perpetrated for political reasons as society (particularly the United States) has an abundance of resources. 
D)  diminishes as additional workers are applied to a given task of production. 
A)  implies that government contractors often build roads that do not meet local road construction standards. 
B)  implies that individuals and society alike do not have the resources necessary to meet all of their wants. 
C)  is a bit of a hoax perpetrated for political reasons as society (particularly the United States) has an abundance of resources. 
D)  diminishes as additional workers are applied to a given task of production.

Question 5

Unskilled workers facing limited opportunities in one region that desire but cannot afford to move to another region where work opportunities are good are in a labor market characterized by

Accepted Answer

A)  market failure due to price distortion. 
B)  market failure due to a transaction barrier. 
C)  Pareto efficiency. 
D)  market failure due to ignorance. 
A)  market failure due to price distortion. 
B)  market failure due to a transaction barrier. 
C)  Pareto efficiency. 
D)  market failure due to ignorance.

Question 6

A law mandating that unions cut wages in order to create more jobs

Accepted Answer

A)  would cause market failure due to price distortion. 
B)  would be Pareto efficient because it would reduce income inequality. 
C)  would be Pareto efficient because no one would lose a job and some would get a job. 
D)  would not be Pareto efficient because such a law would need to be voluntarily accepted by all who are affected by the law. 
A)  would cause market failure due to price distortion. 
B)  would be Pareto efficient because it would reduce income inequality. 
C)  would be Pareto efficient because no one would lose a job and some would get a job. 
D)  would not be Pareto efficient because such a law would need to be voluntarily accepted by all who are affected by the law.

A regression of W = a + bX,where W is wages and X is hours worked per week,yielded a t-statistic of 0.75 for b.Statistically speaking,this result suggests that

Multiple regression analysis uses

Economists generally assume that workers maximize

Resource Scarcity

Unskilled workers facing limited opportunities in one region that desire but cannot afford to move to another region where work opportunities are good are in a labor market characterized by

A law mandating that unions cut wages in order to create more jobs

Overview of the Labor Market

The Demand for Labor

Labor Demand Elasticities

Frictions in the Labor Market

Supply of Labor to the Economy: The Decision to Work

Labor Supply: Household Production, the Family, and the Life Cycle

Compensating Wage Differentials and Labor Markets

Investments in Human Capital: Education and Training

Worker Mobility: Migration, Immigration, and Turnover

Pay and Productivity: Wage Determination within the Firm

Gender,Race,and Ethnicity in the Labor Market

Unions and the Labor Market

Unemployment

Inequality in Earnings

The Labor-Market Effects of International Trade and Production Sharing

Filters

Exam 1: Introduction

A regression of W = a + bX,where W is wages and X is hours worked per week,yielded a t-statistic of 0.75 for b.Statistically speaking,this result suggests that

Multiple regression analysis uses

Economists generally assume that workers maximize

Resource Scarcity

Unskilled workers facing limited opportunities in one region that desire but cannot afford to move to another region where work opportunities are good are in a labor market characterized by

A law mandating that unions cut wages in order to create more jobs

Overview of the Labor Market

The Demand for Labor

Labor Demand Elasticities

Frictions in the Labor Market

Supply of Labor to the Economy: The Decision to Work

Labor Supply: Household Production, the Family, and the Life Cycle

Compensating Wage Differentials and Labor Markets

Investments in Human Capital: Education and Training

Worker Mobility: Migration, Immigration, and Turnover

Pay and Productivity: Wage Determination within the Firm

Gender,Race,and Ethnicity in the Labor Market

Unions and the Labor Market

Unemployment

Inequality in Earnings

The Labor-Market Effects of International Trade and Production Sharing

Filters