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Econometrics Final Exam Prep || with A+ Guaranteed Solutions.
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Which of the following is the first step in empirical economic analysis? a. Collection of data b. Statement of hypotheses c. Testing of hypotheses d. Specification of an econometric model correct answers d. Specification of an econometric model Data on the income of law graduates collec...

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  • September 10, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • which of the following is the first step in empiri

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  • Econometrics
  • Econometrics

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Econometrics Final Exam Prep || with A+ Guaranteed
Solutions.
Which of the following is the first step in empirical economic analysis?
a.
Collection of data
b.
Statement of hypotheses
c.
Testing of hypotheses
d.
Specification of an econometric model correct answers d.
Specification of an econometric model

Data on the income of law graduates collected at different times during the same year is _____.
a.
time series data
b.
cross-sectional data
c.
panel data
d.
experimental data correct answers b.
cross-sectional data

Which of the following is an example of time series data?
a.
Data on the gross domestic product of a country over a period of 10 years.
b.
Data on the number of vacancies in various departments of an organization on a particular
month.
c.
Data on the consumption of wheat by 200 households during a year.
d.
Data on the unemployment rates in different parts of a country during a year. correct answers a.
Data on the gross domestic product of a country over a period of 10 years.

A cross-sectional data set consists of observations on a variable or several variables over time.
a. True b. False correct answers b. False

The notion of ceteris paribus means "other factors being equal."
a. True b. False correct answers a. True

A dependent variable is also known as a(n) _____.
a.

, predictor variable
b.
explanatory variable
c.
response variable
d.
control variable correct answers c.
response variable

In the equation , what is the estimated value of ?
a.

b.

c.

d. correct answers b

In the equation c=B+B11+u, c denotes consumption and i denotes income. What is the residual
for the 5th observation if c5=$500 and c hat5=$475?
a.
$300
b.
$975
c.
$25
d.
$50 correct answers c.
$25

Why do labor economists often find it difficult to estimate the ceteris paribus return to education,
in terms of wage, using non-experimental data?
a.
Wage is often reported unreliably and inaccurately.
b.
Experience, another factor that also affects wage, is generally difficult to measure.
c.
Education level in non-experimental data is probably dependent on other omitted factors that
also affect wage.
d.
In a non-experimental setting, education level is often difficult to measure. correct answers c.
Education level in non-experimental data is probably dependent on other omitted factors that
also affect wage.

question 10 correct answers

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