I am supposed to study this question and answer because it is a possible test question, and this is the only one I am unable to answer when it comes to the disadvantages and advantages of a builder. Disadvantages and advantages to a skilled worker -

Describe in as much detail, the key components of the Davis-Bacon Act. What are its advantages and disadvantages to a builder? To a skilled worker?

An online news site earns revenue by selling subscriptions at price pS and ads at price pA. For simplicity, assume the site has zero marginal cost. Consumer demand for subscriptions is given by:

Qs=1-Ps

Demand from advertisers for ad-space depends on the number of subscribers though:

Qa=Qs(1-Pa)

What price should the firm charge for subscriptions and ads, considered jointly, to maximize profits?

What is the law of diminishing marginal productivity? How does the law of diminishing marginal productivity affect the cost of productions? Provide an example from your workplace.

How do labor relations practices in the public sector differ from those in the private sector? How does job security factor into public personnel management- is tenure still valid?

How and why do people issue their own money, and how do they come to be used in an economy?

Why don’t governments like private issues of money, or even foreign currency, being used in their countries, and try to monopolise the issue of domestic money?

Can you be an entrepreneur? How do your characteristics match up? Read the article found in the following link.

https://www.inc.com/sujan-patel/10-essential-characteristics-of-highly-successful-.html

What is the significance of the title The General Theory of Employment, Interest and Money, by J.M. Keynes? (Hint: focus on the works "General Theory")

In the General TheoryKeynes attacks the main postulates of the Classical School. What were these postulates and how did he attack them?

briefly discuss the role of population in economic development and include the Malthusian population theory in your discussion

many people still do not get their economic and social rights, such as rights to food, education, or housing. Find a case where there is one of the following: persistent hunger (or malnutrition), homelessness, or denial of education, and outline why this occurs, and why the situation is a violation of human rights?

600,000 students in 79 countries take a PISA test every three years to evaluate their learning in reading, math, and science. Students in the Beijing-Shanghai-Jiangsu-Zhejiang regions in China scored the highest average scores in all three subjects in 2018. Canada ranked around 12^th overall but has had steadily declining scores in math and science. We have data on average math scores and characteristics of 500 school districts across Canada. This problem asks you to build up a regression model to look for factors that affect average math test scores in various school districts in Canada.

I run a basic regression equation that explains math scores (SCORE) as a function of:
1. STR = the student teacher ratio. (number of students per teacher)
2. SPEND = government spending per student in the school district in dollars per student.
3. HIESL= a dummy variable=1 if the percentage of students learning English as a new language is above 20% and =0 if it is below 20%.
The regression also includes the usual constant term.

There is a categorical variable called PROVINCE for the province of the school district. This variable =1 for Ontario, =2 for Quebec, =3 for Alberta, and =4 for British Columbia.

There is also a categorical variable called INCOME which is the average per capita income of households in the school district. INCOME = 1 if the district has average per capital income below $40000, =2 if the district has per capita income between $40000 and $60000, =3 if the district has per capita income >= $60000.

How do I add PROVINCE and INCOME into my regression model? Which specification is correct?

• A.

  SCORE = b₂STR + b₃SPEND + b₄HIESL + b₅ON + b₆QC + b₇BC + b₈AB + b₉INC1 + b₁₀INC2 + b₁₁INC3

  where
  ON = 1 if the district is in Ontario and 0 otherwise
  QC = 1 if the district is in Quebec and 0 otherwise
  BC = 1 if the district is in BC and 0 otherwise
  AB = 1 if the district is in Alberta and 0 otherwise
  INC1 = 1 if the district is the low income range and 0 otherwise
  INC2 = 1 if the district is the middle income range and 0 otherwise
  INC3 = 1 if the district is the high income range and 0 otherwise

• B.

  SCORE = b₁ +b₂STR + b₃SPEND + b₄HIESL + b₅PROVINCE + b₆INCOME

  where PROVINCE takes values 1 to 4
  and INCOME takes values 1 to 3.

• C.

  SCORE = b₁ + b₂STR + b₃SPEND + b₄HIESL +  b₅ON + b₆QC + b₇BC + b₈AB + b₉INC1 + b₁₀INC2 + b₁₁INC3

  where
  ON = 1 if the district is in Ontario and 0 otherwise
  QC = 1 if the district is in Quebec and 0 otherwise
  BC = 1 if the district is in BC and 0 otherwise
  AB = 1 if the district is in Alberta and 0 otherwise
  INC1 = 1 if the district is the low income range and 0 otherwise
  INC2 = 1 if the district is the middle income range and 0 otherwise
  INC3 = 1 if the district is the high income range and 0 otherwise

• D.

  SCORE = b₁ +b₂STR + b₃SPEND + b₄HIESL + b₅ON + b₅QC + b₆BC + b₇INC2 + b₈INC3

  where
  ON = 1 if the district is in Ontario and 0 otherwise
  QC = 1 if the district is in Quebec and 0 otherwise
  BC = 1 if the district is in BC and 0 otherwise
  INC2 = 1 if the district is the middle income range and 0 otherwise
  INC3 = 1 if the district is the high income range and 0 otherwise

• E.

  SCORE = b₁ +b₂STR + b₃SPEND + b₄HIESL + b₅ON + b₆QC + b₇BC + b₈AB + b₇INC2 + b₈INC3

  where
  ON = 1 if the district is in Ontario and 0 otherwise
  QC = 1 if the district is in Quebec and 0 otherwise
  BC = 1 if the district is in BC and 0 otherwise
  AB = 1 if the district is in Alberta and 0 otherwise
  INC2 = 1 if the district is the middle income range and 0 otherwise
  INC3 = 1 if the district is the high income range and 0 otherwise

describe the difference between the desire for a good and the demand for a good as they are understood by economic analysis

Draw a supply and demand graph of the following scenarios. Use these graphs to answer what

happens to price and quantity? (Does is increase or decrease?) Must show graphs and answer

what happens to price and quantity.

a. (5 points) Cheese Market: Suppose that a technological advancement substantially

reduces the cost of producing cheese, while a new study suggests that excessive use of

cheese is harmful to a person’s health.

b. (5 points) Cream Market: Peaches and cream are complements. When the price of

peaches falls, and the price of raw milk (used to make cream) rises, what happens in the

market for cream?

Discuss in detail how perfectly competitive prices bring about allocative efficiency

(Answer this question for 10 marks)

Monetary Policy in Keynesian Models of the Macroeconomy

(c) Part of the challenge of monetary policy is that the level of potential output is not observed. Assume that the economy is in an equilibrium with output equal to potential output. Suppose the latest economic news leads the central bank to incorrectly raise their estimate of potential output. Use the AD-AS model to describe what will happen to output and inflation in both the short run and long run as a result of this mistake. Explain your reasoning in full.

Lee saves most of his money from his paycheck; he forgoes restaurant meals, new clothes, and a new car, and he lives in a small one-bedroom apartment. He understands that his utility is low now. However, his ______________ will give him _____ utility in the future.

A. planning; lower time-preference

B. decision making; higher intertemporal

C. decision making; lower intertemporal

D. decision making; higher