Student skills surplus. According to the OECD 2020 data file, the dimensions education and skills consist of three different indicators: Educational attainment, Student skills, and Years in education. A linear model to predict Student skills from Years in education (for the 37 OECD member countries)

found the following:

Student Skills = 333.919 + 8.8202 Years in education.

a) What is the explanatory variable?

b) What is the response variable?

c) What does the slope mean in this context?

d) What does the y-intercept mean in this context? Is it meaningful?

e) What do you predict Student skills for South Korea, with an average 17.7 years of education, to be?

f) If South Korean students achieve an average Student skills score of 541 with an average of 17.7 years of education, what is the residual?

g) How would you compare the quality of the South Korean educational system in preparing its students for the labor market to other OECD countries? Explain.