Question 1:

i) Use a simple human capital model to explain the rationale for undertaking higher education.

ii) Why do some people vary significantly in the amounts of human capital which they acquire? For instance, why is  Jack a high school dropout,  Sam a high school graduate and Richard a Ph.D?

Question 2:

Write short notes on any three of the following.

i)  The structure-conduct-performance (SCP) paradigm
ii)  Harberger's (1954) welfare loss estimates
iii)  Hannah and Kay (1977) axioms 
iv)  Female participation rates