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Econometrics Exam 1 || with Errorless Solutions 100%.
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  • Econometrics
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  • Econometrics

Analyzing the behavior of unemployment rates across US states in March of 2006 is an example of using: - panel data - cross-sectional data - time series data correct answers cross-sectional data Analyzing the effect of minimum wage changes on teenage employment across the 48 contiguous US sta...

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  • September 10, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • analyzing the behavior of unemployment rates acros

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  • Econometrics
  • Econometrics

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Econometrics Exam 1 || with Errorless Solutions 100%.
Analyzing the behavior of unemployment rates across US states in March of 2006 is an example
of using:
- panel data
- cross-sectional data
- time series data correct answers cross-sectional data

Analyzing the effect of minimum wage changes on teenage employment across the 48
contiguous US states from 1980 to 2004 is an example of using:
-time series data
-panel data
-cross-sectional data correct answers panel data

panel data correct answers information collected from a group of consumers, organized into
panels, over time

time series data correct answers data collected over several time periods

cross-sectional data correct answers data collected at the same or approximately the same point
in time

Econometrics can be defined as follows with the exception of
-the science of testing economic theory
-fitting mathematical economic models to real-world data
-a set of tools used for forecasting future values of economic variables
-measuring the height of economists correct answers measuring the height of economists

To provide quantitative answers to policy questions
-you should examine empirical evidence
-you should interview the policy makers involved
-is typically impossible since policy questions are not quantifiable
-it is typically sufficient to use common sense correct answers you should examine empirical
evidence

One of the primary advantages of using econometrics over typical results from economic theory
is that:
-learning how to invert a 4 by 4 matrix
-it potentially provides you with quantitative answers for a policy problem rather than simply
suggesting the direction (positive/negative) of the response
-none listed here
-teaching you how to use statistical packages correct answers it potentially provides you with
quantitative answers for a policy problem rather than simply suggesting the direction
(positive/negative) of the response

The skewness is most likely positive for one of the following distributions:

, -the grade distribution at your college or university
-the height of 18 year old females in the US
-SAT scores in English
the US income distribution correct answers the US income distribution

For a normal distribution, the skewness and kurtosis measures are as follows:
-1.96 and 4
-1 and 2
-0 and 3
-0 and 0 correct answers 0 and three

Two random variables X and Y are independently distributed if all of the following conditions
hold, with the exception of:
-knowing the values of one of the variables provides no information about the other
-if the conditional distribution of Y given X equals the marginal distribution of Y
-P[Y=y|X=x]= P(Y=y)
-E[Y]=E[E[Y|X]] correct answers E[Y]=E[E[Y|X]]

The correlation of X and Y:
-cannot be negative since variances are always positive
-is the covariance squared
-can be calculated by dividing the covariance between X and Y by the product of the two
variances
-can be calculated by dividing the covariance between X and Y by the product of the two
standard deviations correct answers can be calculated by dividing the covariance between X and
Y by the product of the two standard deviations

Two variables are uncorrelated in all of the cases below, with the exception of:
-having 0 covariance
-being independent
-Cov(X,Y)<Std(X)*Std(Y)
-E[Y|X]=0 correct answers Cov(X,Y)<Std(X)*Std(Y)

The central limit theorem:
-postulates that the sample mean is a consistent estimator of the population mean
-states conditions under which a variable involving the sum of Y1,.... Yn IID variables becomes
the standard normal distribution
-only holds in the presence of the law of large numbers
-states conditions under which a variable involving the sum of Y1,... Yn IID variables becomes
the student T distribution correct answers states conditions under which a variable involving the
sum of Y1,.... Yn IID variables becomes the standard normal distribution

An estimator is:
-an estimate
-a formula that gives an efficient guess of the true population value
-a random variable

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