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ECS3706 UPDATED Test Questions and CORRECT Answers
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List any three uses of econometrics?1) Describing economic reality (structural analysis) 2)Testing hypothesis about economic theory (policy evaluation) 3)Forecasting economic activity What is regression analysis?Regression analysis is used to make quantitative estimates of economic relationship that previously have been completely theoretical in nature. Explain the estimated regression equation?Usually population size may be too large or unknown therefore inference is made on the sample drawn from the population using the estimated regression equation which is the statistical technique that attempts to explain movements in one dependent variable given independent variables.
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