Labour Economics (Economics 3341)
Issued: January 24th, 2018
Due: February 7th, 2018 on BrightSpace
Answer each of the following questions in full sentences. Use a graph if it helps with your explanation.
Define and explain Frictional, Structural and Cyclical unemployment.
Explain the difference between a Normative and a Positive statement. Why is this important?
Explain the basic Consumption – Leisure choice model.
Explain the importance of the slope and the curvature of the isoquant on a graph measuring pairs of capital and labour.
Show and explain the difference in the wage – dirt curve when there are identical workers and identical firms.
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