Midterm #1 Exam Answer Key ECN 151A Summer 2013 Eschker (3pts each) Version A 1. Ans: E 2. Question deleted; Everyone gets 3 points 3. Ans: D 4. Ans: A 5. Ans: D 6. Ans: B 7. Ans: C 8. Ans: C 9. Ans: B 10. Ans: E Version B 1. Ans: C 2. Ans: A 3. Ans: B 4. Ans: D 5. Ans: E 6. Ans: C 7. Ans: B 8. Ans: E 9. Question deleted; Everyone gets 3 points 10. Ans: D
Part II. Answer the following. Show your work for all answers. 10 points each. 1. After watching the TV show American Idol, Blake thinks that people prefer younger performers over older performers. Maybe this is because younger singers have a “lighter” voice that sounds more pleasant. Thus, Blake thinks younger voters will receive more votes. To answer his question, he gets
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Why is women’s labor force participation U-shaped when plotted against household income?
U-shaped means that as household income rises, at first labor force participation drops, then rises. An explanation is that at very low income levels, a family financial crisis draws women into the labor force, but as the husband works, then women drop out of work in order to raise children. As household income rises, women tend to have higher wages and to be more educated, so that the cost of leisure is high, and women enter the workforce.
b. (3pts) What are cohort effects that influence women’s labor force participation? Women born at the same time period are a birth cohort, and they share the same experiences in their education attainment, wealth, fertility, labor market history, and socialization experiences when young. For example, women born before 1850 were accustomed to working on the farm, and when the demand grew for them in the newly industrializing country, they were happy to join the work force. As another example, women who benefited from the rise in universal high school education in the first half of the Twentieth Century could find work with their general skills in new clerical jobs.
c. (3pts) Suppose that women’s labor supply is elastic. Will increases in labor demand or labor supply be relatively more important for increasing the amount of women working? If supply is elastic, then a small increase in labor demand will lead to a relatively large increase in
Using the data and your own economic knowledge, assess the case for financing universities mainly through charging fees to their students.
Jobs are currently available to women of any race, background, or ethnicity, and the age to go into an area of work has gradually decreased; for instance, some careers allow students to begin a job starting at the young age of fourteen. But working was not always an option for women. World War I was the stepping stone that pushed women into the workforce. As men were being drafted into the military, women stepped up into factory jobs, creating the necessary technology for America’s victory and emergence as a world power. In today’s government, women are joining the workforce because the economy calls for it. With high costs of raising children, college debt shooting through the roof, and gas prices going up, women are taking on similar roles to their husbands and providing two set incomes as opposed to
THE UNIVERSITY OF NEW SOUTH WALES SCHOOL OF ECONOMICS ECON1202/2291 QUANTITATIVE MEHODS A FINAL EXAMINATION SESSION 2 2008
Another demographic change we are seeing in the labor force today are changes in the men to women ratio. According to the United States Department of Labor, in 1970 women only made around 37% of the working population, leaving men to make up the additional 63% (Women in the Labor Force, 2012). By 2012, women accounted for 47% of the total working population. Although this may not seem like a large increase from 1970, women did account for more than half of all laborers within several of the industry sectors including; financial activities (53%), education and health services (75%), leisure and hospitality (51%), and other services (52%). However, when looking at jobs in the agricultural, construction, mining, manufacturing, and transportation and utilities fields, women are still significantly underrepresented. Over the years we have seen not only the percentage of women in the labor force grow, but the large pay gap between men and women has slowly began to close. As of 2012, women with full time jobs
Which of the following is not a requirement to become registered in PEO (Professional Engineers of Ontario)
Due to both husband and wives working and people were able to purchase more goods for their home the economy began to rise after World War. The post-war reconstruction effort made the need for an expanded labour force urgent. In the late 1940s, the government launched campaigns to encourage women to enter or stay in the labour market, and encouraged the migration of workers from (former) British colonies to fill the labour shortages.The welfare state created many job opportunities in what was seen as ‘women’s work’. Jobs were available in the the newly created National Health Service for nurses, midwives, cleaners and clerical staff. Banking, textile and light industries such as electronics also expanded during this period and provided women with opportunities in clerical, secretarial and assembly work. Jobs were still strictly segregated by gender and routine repetitive work was categorised as women’s work for women’s lower wages (Striking,
c. Establishments in the fertile crescents. Civilizations that can support large populations form independently in Mesopotamia, N.China, Meso-America (Central America). Areas best suited to primitive agriculture
Before the war women had to fit into a stereotype of “the perfect family” (“A Change in”). Prior to 1941 only 30% of women worked for 10 years and only 50% worked for 5 years (Discovery Education). Women were encouraged not to work, because it broke “the perfect family” stereotype (“The Women of”) (“A Change in”). Even husbands did not want their
Question 13 If the supply curve of a factor of production facing a competitive firm is perfectly elastic, then from the firm's point of view: (a) none of the factor's earnings is necessary transfer payment (b) all of the factor's earnings is producer surplus (c) none of the factor's earnings is rent (d) all of the factor's earnings is rent
What is the effect on the equilibrium price and equilibrium quantity of orange juice if the price of apple juice decreases and the wage rate paid to orange grove workers increases?
SABMiller and Diageo are two largest beer producer in Africa. ”SABMiller, if combined with its partnership with France's Castel Group, sells roughly 60% Africa’s beer by volume. Diageo’s also expands its operation successfully that Senator Keg, its supercheap beer, is also now number two most popular beers in Kenya. As these giant brewers monopolized Africa’s beer market, it can be said that the market has an oligopoly market structure, and both pursue identic operations, so the market can be labeled as competitive. The interdependence that is happening between both brewers makes the competition happens. As SABMiller produces Impala that is half price from its previous beer Manica, Diageo produces Senator Keg to balance it. Diageo
Your paper should be between 1750 and 2500 words, in APA format and structured as follows:
In this way, the Fed manages price inflation in the economy. So bonds affect the U.S. economy by determining interest rates. This affects the amount of liquidity. This determines how easy or difficult it is to buy things on credit, take out loans for cars, houses or education, and expand businesses. In other words, bonds affect everything in the economy. Treasury bonds impact the economy by providing extra spending money for the government and consumers. This is because Treasury bonds are essentially a loan to the government that is usually purchased by domestic consumers. However, for a variety of reasons, foreign governments have been purchasing a larger percentage of Treasury bonds, in effect providing the U.S. government with a loan. This allows the government to spend more, which stimulates the economy. Treasury bonds also help the consumer. When there is a great demand for bonds, it lowers the interest rate.
1) According to the Law of Demand, the demand curve for a good will A) shift leftward when the price of the good increases. B) shift rightward when the price of the good increases. C) slope downward. D) slope upward. Answer: C 2) An increase in the price of pork will lead to A) a movement up along the demand curve. B) a movement down along the demand curve. C) a rightward shift of the demand curve. D) a leftward shift of the demand curve. Answer: A 3) An increase in consumer incomes will lead to A) a rightward shift of the demand curve for plasma TVs. B) a movement upward along the demand curve for plasma TVs. C) a rightward shift of the supply curve for plasma TVs. D) no change of the demand curve for plasma TVs. Answer:
During the Industrial Revolution, the discrepancy in gender wages decreased from a 70 percent deficit in the agricultural economy to approximately 50 percent in the manufacturing economy. During the period from around 1890 to 1930, the gender wage gap decreased from 46 to 56 percent of male earnings. Clerical and sales professions began their ascendancy during this period. However, women’s participation in the workforce did not increase significantly in either of these periods. Additionally, the gender earnings gap remained almost constant at around 60 percent from 1950 - 1980 when women’s participation in the workforce increased substantially (Blau and Kahn 2000). Changes in household structure have also made equal pay more of a family issue. There are an increasing number of dual income households and one-third of women who work are the breadwinner of their family.