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Introduction to Econometrics || with Errorless Solutions 100%.
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A data set containing the number of adults with college degrees in each of the US states in 2009 is _____ data. Select one: a. cross-section b. flow c. panel d. time series correct answers a. cross-section A data set that has observations on one entity at multiple points in time is classifi...

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  • September 10, 2024
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Introduction to Econometrics || with Errorless Solutions
100%.
A data set containing the number of adults with college degrees in each of the US states in 2009
is _____ data.
Select one:
a. cross-section
b. flow
c. panel
d. time series correct answers a. cross-section

A data set that has observations on one entity at multiple points in time is classified as _____.
Select one:
a. time series data
b. panel data
c. cross-section data
d. flow data correct answers a. time series data

Consider the model Qd = f(P,Ps,Pc,INC) where Qd is quantity demanded of a particular product
per month, P is the price of the product, Ps is the price of substitutes, Pc is the price of
complements, and INC is monthly income. This equation represents _____.
Select one:
a. an interval forecast
b. an econometric model
c. a non-linear model
d. an economic model correct answers an economic model

Economic theory provides a basis for which variables are relevant and should be included in an
econometric model. But econometrics provides tools to estimate _____ which tells us _____.
Select one:
a. variables; the probability of a specific outcome
b. causality; why it happens that way
c. a parameter; how much or to what degree things change
d. a model; the functional form that should be used correct answers a parameter; how much or to
what degree things change

Of the following steps in conducting empirical economic research, which one should be
performed last?
Select one:
a. Build an economic model guided by economic theory.
b. Evaluate and analyze the consequences and implications of the results.
c. Estimate parameters and test hypotheses.
d. Find appropriate data that can be used for estimation. correct answers Evaluate and analyze
the consequences and implications of the results.

,Refer to the equation QS = β1 + β2P + β3Pr + β4PS + β5TAX + e, where QS is annual quantity
supplied, P is the price of the product, Pr is the price of resources, PS is the price of goods that
are substituted in production, and TAX is the excise tax on the product. This equation is _____.
Select one:
a. an economic model
b. an econometric model
c. a market model
d. a non-linear model correct answers an econometric model

Refer to the equation QS = β1 + β2P + β3Pr + β4PS + β5TAX + e, where QS is annual quantity
supplied, P is the price of the product, Pr is the price of resources, PS is the price of goods that
are substitutes in production, and TAX is the excise tax on the product. In this equation,
β1represents _____
Select one:
a. a parameter to be estimated
b. the random error term
c. the equilibrium quantity
d. the predicted quantity supplied correct answers a parameter to be estimated

Suppose you stand outside a store and randomly give some shoppers coupons as they enter while
other shoppers receive none. You then record how much each shopper spends in the store. The
data you collect is _____ data.
Select one:
a. survey
b. experimental
c. selective
d. random correct answers experimental

Suppose you wish to study the effect on employment of the increase in the minimum wage in
Seattle, WA and you use employment in Portland, OR as a control group since there was no
increase in the minimum wage there. The type of data you would be analyzing is called _____
data.
Select one:
a. survey
b. quasi-experimental
c. pure experimental
d. random correct answers quasi-experimental

The parameters estimated using econometric methods are generally used for _____ or _____.
Select one:
a. testing hypotheses; predicting
b. validation; repudiation
c. confirming; denying effects of policy
d. generating data; probability distributions correct answers testing hypotheses; predicting

What does it mean for a panel data set to be balanced?

, Select one:
a. The observations are equally split before and after the event being studied.
b. Each unit of observation is observed for the same number of time periods.
c. The number of observations in the treatment and control group are equal.
d. Males and females are equally represented in the sample. correct answers Each unit of
observation is observed for the same number of time periods.

Which of the following is NOT generally included in the study of econometrics?
Select one:
a. Developing new economic relationships.
b. Predicting economic outcomes.
c. Testing economic hypotheses.
d. Using economic data to estimate relationships. correct answers Developing new economic
relationships.

Which of the following questions is a type that tools of econometrics are meant to answer?
Select one:
a. If goods A and B are substitutes and the price of good A increases, how will this affect the
demand for good B?
b. If an income increase causes the sales of good A to fall, everything else held constant, what
type of good is good A?
c. If goods A and B are substitutes and the price of good A increases by $0.50, by how much will
the sales of good B change by?
d. Everything else the same, would the price of good A be higher in a competitive industry or a
monopolistic industry? correct answers The correct answer is: If goods A and B are substitutes
and the price of good A increases by $0.50, by how much will the sales of good B change by?

Which of the following sections usually comes first in a research report?
Select one:
a. Review of literature on the topic.
b. Description of data.
c. Economic model.
d. State of problem. correct answers State of problem

Why is a random error term included in an econometric model?
Select one:
a. Because there is intrinsic uncertainty in any economic activity due to individual decision
making.
b. Because many economic models have not been well developed yet and need to allow for
inaccuracies.
c. Because some people are irrational.
d. Because most estimating techniques are not well suited to work with a deterministic model.
correct answers Because there is intrinsic uncertainty in any economic activity due to individual
decision making.

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