Professor Sass ECO 5114 Final Exam Study Questions Please note that the following questions only cover material since the midterm. While I have attempted to draw material from each of the lectures since the midterm, the questions are not intended to be a comprehensive list of all possible exam topics. "Short Answer" Questions 1. On a supply-demand diagram, indicate the wage and employment for a union that : (i) maximizes wage payments, (ii) maximizes rents, (iii) maximizes employment. 2. Some people use "cost-benefit ratios" to evaluate projects involving costs and benefits over time. Explain what a cost-benefit ratio is and why it generally is not as good a measure as net present value. 3. Explain what is meant by "marginal revenue product" and how worker productivity is related to the demand for labor. 4. What determines the supply of labor in general? Could an individual's labor supply curve ever be "backward bending"? Explain. 5. How could information about individuals' employment cho...