4. Asymmetric information and labor markets Arjun is the manager of a factory. Workers at the factory are assigned to one of two tasks, one of which requires skilled labor and one of which requires unskilled labor. Because skilled workers earn a higher wage than unskilled workers, everyone who applies for a job says they're skilled. Arjun's challenge is to figure out who is actually a skilled worker and who is an unskilled worker. Suppose that Arjun would like to use the economic concept of signaling to separate out worker types. Which of the following scenarios illustrates this concept? Skilled workers enroll in an online certification course to demonstrate their ability. Skilled workers pay to take a certification course to demonstrate their ability. Arjun voluntarily pays all workers a higher wage in hopes of attracting and retaining more productive workers. Arjun implements a test to determine whether applicants are skilled or not. Suppose, instead, Arjun considers paying efficiency wages to increase the factory's profitability. True or False: Efficiency wages are set below the average industry wage and are intended to give the firm implementing them a competitive advantage over rivals. True False

If you an? out of school but working part time, are you considered employed or unemployed in U.S. labor statistics? If you are a full time student and working 12 hours a week at the college cafeteria are you considered employed or not in the labor force? If you are a senior citizen who is collecting social security and a pension and working as a greater at Wal-Mart are you considered employed or not in the labor force?

John is a talented artist who received an offer to go pro gymnast. He graduated fr V the business school of Talent University with a 4.0 GPA and scored 826 on his MCAT. Having all the needed skills, John is considering a career in any of the following tracks. John collected information related to potential income and cost for his options. Since he is considering average income, John divided his professional career into 5 periods of earning Period 0 Occupation Period 4 Period 1 Period 2 Period 3 Neurosurgeon -20 15 30 Accountant 4 6. 10 12 14 Artist 3. 3. 3. Gymnast 25 10 Assume that John's discount factor d30.85. Find net present value of each career what is the NPV of the most lucrative option. 12:21 AM tScn Home F8 End PgUp F11 F9 F10 Pg Dn F12 Ins 20

→ Question 19 esc Which of the following is true about labor productivity? O it is the amount of total factor productivity (TFP) per unit of labor it is a more general and better measure of productivity than TFP O it is more difficult to measure than TFP O all of the above Onone of the above f1 A Moving to another question will save this response. Type here to search ? Q 12 W f3 # f4 E $ Ei v olo R 5 f6

11. Consider a world in which all individuals complete high school, and then they have T years remaining before they retire. Upon graduation from high school, individuals choose between the following two options: (1) start working right away with just a high school degree, or (2) attend two years of college in order to acquire an associate's degree before they enter the work force. Assume that college students are unable to work while they are attending college. Define the following variables: etc.) EH represents the annual earnings of a high school graduate EA represents the annual earnings of someone with an associate's degree C represents the annual direct costs of attending college (such as tuition, books, r represents the interest rate Assume that EA>EH. Also assume that individuals seek to maximize their lifetime income. Derive an equation determining whether a person will choose to attend college. Write this equation in a form which shows that the person will attend college only…

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6. Individual Problems 17-6 The HR department is trying to fill a vacant position for a job with a small talent pool. Valid applications arrive every week or so, and the applicants all seem to bring different levels of expertise. For each applicant, the HR manager gathers information by trying to verify various claims on the candidate's résumé, but some doubt about "fit" always lingers when a decision to hire or not is to be made. Suppose that hiring an employee who is a bad fit for the company results in an error cost of $900, but failing to hire a good employee results in an error cost of $200 to the company. Although it is impossible to tell in advance whether an employee is a good fit, assume that the probability that an applicant is a "good fit" is 0.4, while the probability that an applicant is a "bad fit" is 1– 0.4 = 0.6. Hiring an applicant who is a good fit, as well as not hiring an applicant who is a bad fit, results in no error cost to the company. For each decision in the…

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Look at this graph of real wage index in England between 1260 and 1800. Consider also that, in the bubonic plague of 1348 and 1351, between one quarter and one third of Europe's population died. M. Bubonic Statute of plague Labourers 140 100 1260 1348 1800 2000 100 40 Kett's rebellion Peasants Glorious Revolution rebellion 20 1260 1320 1380 1440 1500 1560 1620 1680 1740 1800 Select one or more: O a. According to the Malthusian model, the fall in the population due to the bubonic plague would have led to an increase in the average productivity of workers, causing the observed rise in the real wage post-plague. O b. The doubling and halving of the real wage index over 250 years from around 1350 cannot be explained by the Malthusian model. O C. The fall in the unskilled workers' share of total output in the 17th and. 18th centuries was due to the fall in their average product of labour. O d. In the Malthusian model, the rise in real wages from 1800 onwards, at the same time as the rise in…