Exam (elaborations)
ECON0047 Labour Final Exam UCL
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A copy of the 2022/23 final Moodle quiz (with solutions) for ECON0047 Economics of Labour. The final mark was 97.5%.
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. / 02 Joel ChooECON0047: Economics of Labour 22/23
! Home 1 Events 2 My courses 3 This course Sta! Help Student Help Services 4 Hide blocks 5
! " My courses " ECON0047_22-23 " Assessment " End of term MCQ 22/03/2023
Started on Wednesday, 22 March 2023, 9:00 AM ' Quiz navigation
State Finished
1 2 3 4 5 6
Completed on Wednesday, 22 March 2023, 9:59 AM
Time taken 59 mins 22 secs
Marks 19.50/20.00 7 8 9 10 11 12
Grade 97.50 out of 100.00
Feedback 13 14 15 16 17 18
Question 1 19 20
Labour demand is more elastic
Correct
Mark 1.00 out a. the greater is labour's share in total costs. Show one page at a time
of 1.00
b. the greater is the elasticity of substitution between labour and capital. Finish review
Flag
question c. the greater is the elasticity of demand for the firm's output.
d. All of the statements are correct. #
e. the greater is the supply elasticity of capital.
Your answer is correct.
The correct answer is:
All of the statements are correct.
Question 2 According to the substitution e!ect, in response to an increase in her wage, a person will
Correct
Mark 1.00 out a. reduce hours worked because she wants to substitute leisure for work.
of 1.00
b. increase hours worked because leisure has become relatively more expensive than #
Flag
consumption.
question
c. reduce hours worked because she wants to substitute work for leisure.
d. increase both consumption and hours of leisure.
e. increase hours worked because leisure has become relatively less expensive than consumption.
Your answer is correct.
The correct answer is:
increase hours worked because leisure has become relatively more expensive than consumption.
Question 3 What is the added worker e!ect?
Correct
Mark 1.00 out a. A secondary worker enters the labour force when the wage rate is high.
of 1.00
b. A secondary worker enters the labour force when his or her consumption of good exceeds his or
Flag
her nonlabour income.
question
c. A secondary worker enters the labour force when his or her household productivity increases.
d. A secondary worker enters the labour force when he or she need not allocate time to household
production.
e. A secondary worker enters the labour force when the main worker in the household has lost #
his or her job or has experienced a wage cut.
Your answer is correct.
The correct answer is:
A secondary worker enters the labour force when the main worker in the household has lost his or her
job or has experienced a wage cut.
Question 4 A firm has the following production function, where 𝑞 is output, 𝐸 labour, and 𝐾 capital:
Correct
𝑞 = 𝐸 0.6 𝐾 0.25
Mark 1.00 out
of 1.00
In the short run its capital is fixed at 81. It sells its product at a price of 40 in a competitive product
market. The firm's short-run labour demand curve as a function of the wage, 𝑤 is
Flag
question
a. 40
𝐸= 𝑤
b. None of the other options.
𝐸 = ( 72
𝑤)
c. 2.5
#
𝐸 = (81 − 𝑤0.6 )
d. 4
(𝑤)
e. 40 0.6
𝐸=
Your answer is correct.
Capital being fixed, we start from firm profits and take the first order condition w.r.t. employment. We
solve this for E to obtain the solution.
The correct answer is:
𝐸 = ( 72
𝑤)
2.5
Question 5 What is the budget line for consumption (𝐶 ) and leisure (𝐿 ) if a person faces a constant wage of £10 per
Correct hour, there are 112 hours in the week to work, and she receives nonlabour income of £220 per week?
Mark 1.00 out
of 1.00 a. 𝐶 − 10𝐿 = 900
Flag
b. 10𝐶 − 𝐿 = 900
question
c. 𝐶 + 10𝐿 = 1340 #
d. 𝐶 = 1340
e. 𝐿 = 10𝐶 + 220
Your answer is correct.
The correct answer is:
𝐶 + 10𝐿 = 1340
Question 6 For education to serve as an e#cient signal:
Correct
Mark 1.00 out a. productivity and educational costs must be unrelated.
of 1.00
b. education must increase productivity.
Flag
question c. productivity and educational costs must be negatively related.
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