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Introductory Econometrics (Wooldridge Chapters 1-5) Questions with correct Answers
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Introductory Econometrics (Wooldridge Chapters 1-5) Questions with correct Answers
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Introductory Econometrics (Wooldridge Chapters 1-5)Questions with correct Answers
Causal Effect Correct Answer-A ceteris paribus change in one variable
that
has an effect on another variable.
Econometric Model Correct Answer-An econometric model relates to an
economic model. An econometric model is an equation relating the
dependent variable to a set of explanatory variables and unobserved
disturbances, where unknown population parameters determine the
ceteris paribus effect of each explanatory variable.
Panel Data Correct Answer-A panel Data (Or longitudinal Data) set
consists of a time series for each cross-sectional member in the data set.
The key feature of panel data that distinguishes them from a pooled
cross section is that the same cross-sectional units are followed over a
given time period.
Ceteris Paribus Correct Answer-The notion of Ceteris Paribus is "other
(relevant) factors being equal" or other relevant factors are held fixed
Economic Model Correct Answer-A model that consists of
Mathematical equations that describe various relationships
Pooled Cross Sections Correct Answer-A data configuration where
independent cross sections, usually collected at different points in time,
are combined to produce a single data set.
,Counterfactual Outcomes Correct Answer-The notion of ceteris paribus
also can be described through counterfactual reasoning. The
counterfactual outcome is the unobserved outcome. "The different
outcomes that result from a counterfactual reasoning process"
Empirical Analysis Correct Answer-A study that uses data in a formal
econometric analysis to test a theory, estimate a relation-ship, or
determine the effectiveness of a policy.
Random Sampling Correct Answer-A sampling scheme whereby each
observation is drawn at random from the population.
In particular, no unit is more likely to be selected than any other unit,
and each draw is independent of all other draws.
Experimental Data Correct Answer-Data that have been obtained by
running
a controlled experiment.
Retrospective Data Correct Answer-Data collected based on past, rather
than current, information.
Cross-Sectional Data Set Correct Answer-A data set collected by
sampling a population at a given point in time
, Non experimental Data Correct Answer-Data that have not been
obtained through a controlled experiment.
Time-series Data Correct Answer-Data collected over time on one or
more variables.
Data Frequency Correct Answer-The interval at which time series data
are collected. Yearly, quarterly, and monthly are the most common data
frequencies.
Observational Data Correct Answer-facts and figures obtained by
watching, either mechanically or in person, how people actually behave.
Observational (or nonexperimental) data are collected using surveys, and
administrative records. The problem of using observational data to
estimate causal effects is that the "treatment" is not randomly assigned.
Much of econometric methods are developed to deal with causality
using observational data..
Counterfactual Reasonings Correct Answer-A method of policy
evaluation in which we imagine an identical observation (individual,
firm, country, etc.) under two different states of the world (e.g. with a
policy and without a policy).
Average Treatment Effect (ATE) Correct Answer-A treatment, or
policy, effect averaged across the population
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