1) How would you evaluate the extent to which acquiring a university education is a sound investment, economically? Be precise in the information you would need and exactly what you would do with it. 2) "You can't teach an old dog new tricks - in fact, you shouldn't. Discuss. 4) Explain what is meant by ability bias when trying to estimate the rate of return to education. What is the main argument for why using data on identical twins can control for ability bias? What problem arises if most pairs of identical twins pursue different levels of education? 7) A researcher wishes to evaluate the effectiveness of a one-year job skills training program for disadvantaged women. She has surveyed the women as they entered the training program in January 2005, and then one year after the end of the program, in January 2007, obtaining estimates of their average earnings each year. The women's average earnings in January 2005 were $10,000, and they were $15, 000 in January 2007. a) A reasonable estimate of the impact of the training program is that it raised trainee earnings by $5,000. Critically evaluate this statement. b) The researcher consults her annual reports from Statistics Canada, and reads that the average full-year, full-time female worker in Canada had earnings of $35,000 in January 2005, and $38,000 in January 2007. Can she use this information to construct a better estimate of the impact of training? Can you suggest a better comparison group? Explain. 8) "Because specific training marries" firms and workers, the probability of job separation for a given worker (either through a quit or through layoff) declines with job seniority." True or False? Explain your answer with the aid a diagram