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PICK THE CORRECT ANSWER & WRITE ITS LETTER IN THE BLANK ON THE RIGHT for questions (9)-(16): 9) Changes in the industry mix in the U.S. over the past 100 years have caused: (A) higher wages for female workers (B) higher wages for high skill workers (C) higher wages for male workers (D of the above 10) Social returns to investing in public edcaion DO NOT INCLUDE: (A) less crime (B) higher earnings for those who receive an education (C) higher tax revenue (D) any of these 11) A FALL in the wage will cause the individual worker to: (a) increase labor supply (c) not change labor supply (b) reduce labor supply could be any of these (d) it 12) A low wage worker will produce more goods and services at home because: (a) they are not rich enough to afford to buy these in the market opportunity cost of home (b) their produced goods is lower (C) they work long hours and do not have the time (d) all of these 13) Men are now more likely to enter the labor force at an older age because: (A) they stay in school longer than men did 50 years ago (B) a rise in the average wage has made it easier to afford (C) changes in industry mix have caused a high demand for educated workers (D) all of these 14) People are less likely to invest in human capital when they are old because: (A) they expect a longer payback period (B) they have LOWER foregone earnings (C) they tend to have lower psychic costs (D) none these are true 15) The wage differential between the average college grad and the average high school grad is LARGER THAN the return an individual earns from going to college native ability ability (C) college of these because: (A) the average college grad has a higher level of (B)the average high school grad has a higher level of native does nothing to increase a worker's productivity (D) noneExplanation / Answer
10) C) Higher tax revenue
Social returns from education does not include higher tax revenue.
11) b) Reduce labor supply
When wages are less than labor are less willing to do work and as a result, labor supply decreases.
13) C) changes in industry mix have caused a higher demand for educated workers.
Higher demand of educated workers in the market leads to a situation where men at older age are work are working in the market.
14) B) they have LOWER foregone earnings
Old people are weak and not able to earn good amount as salary. They are getting less wages as compared to young ones so before investing in human capital, people are aware that opportunity cost is less at this time so they are less willing to invest in human capital that will enhance old worker's productivity.
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