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Problem
Use the data set mroz.txt to do the following regressions. To read the data set into r, you may use the read. Table command, such as: data <- read.table("mroz.txt")
1. Run an OLS regression of logarithm wage (lwage) on years of schooling (educ), i.e., lwagei = α + βeduci + ui. Use a sentence to interpret βˆOLS.
2. Use ivreg command to run a Two Stage Least Squares (2SLS) regression. Use father's years of schooling (fatheduc) as the instrument variable. Use a sentence to interpret βˆ 2SLS.
3. Check the F-statistics from the first-stage regression. How large it is? Is the instrument variable weak?
4. Perform a Hausman's test to compare OLS with 2SLS estimators. Write down your test hypothesis, p-value and conclusion.
5. Discuss if father's years of schooling (fatheduc) is a solid instrument variable, i.e., satisfies conditions of instrument variables.
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
Some commentators have argued that the failure of the “Super committee” is good thing for the economy? Do you agree?
Case study analysis about optimum resource allocation: - Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..
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Problem based on Oligopoly and demand curve, Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?
Explain the impact of external costs and external benefits on resource allocation; Why are public goods not produced in sufficient quantities by private markets? Which of the following are examples of public goods (or services)? Delete the incorrec..
Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..
Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:
Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..
"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"
Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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