Jerry has two jobs, one for the winter and one for the summer. In the winter, he works as a lift attendant at a ski resort where he earns $20 per hour. During the summer, Jerry drives a tour bus around the ski resort, earning $24 per hour.

1. During the winter months, what is Jerry's opportunity cost of taking an hour off work? 1 Mark
2. During the summer months, what is Jerry's opportunity cost of taking an hour off work to go hiking? 1 Mark
3. Assume that Jerry has an upward-sloping labour supply curve and can work as many hours as he chooses. If the opportunity cost of Jerry's leisure time increases, what will he do? Explain. 1 Mark
4. Jerry worked in construction until the government announced that his trade will soon require a certificate to practice that trade. Explain the impact that the introduction of occupational licensing or new certification has on the supply of labour in a trade or profession. 2 Marks.