AGEC 317 Final questions and answers graded A+
updated
1. A parsimonious model is one that includes as few variables as
possible to
correctly explain the data.
2. If you exclude a relevant variable in most likely bias.
your model, your estimates would
3. If you include an irrelevant variable would be unbiased but lose
in your model, your estimates efficiency
4. The data set you obtained on starting salaries include GPA as a
quantitative variable
for AGEC graduates includes only and only one qualitative variable for
graduates from Texas Tech and TAMU university.
and their GPAs. In estimating a simple
model with salaries as the dependent
variable and university grad- uated
from and GPAs, what is the best way to
include the variables?
a) include a polynomial variable.
5. How would one include a variable to b) include an interaction
that would allow the slope of a between a qualitative variable
estimated equa- tion vary depending and the indepen- dent variable that
on the value of an inde- pendent you want the slope to depend on.
variable? c) include an interaction term
between any variable and the
varaible you want the slope to
depend on.
6. Composite forecasts are is a wieghted average of two or
more forecasts.
1/
39
,AGEC 317 Final questions and answers graded A+
updated
7. A forecasting method based on consensus of Delphi
several rounds of surveys of experts is
known as
2/
39
, AGEC 317 Final
Study online at
https://quizlet.com/_e834oa
8. Forecasting is not different than consider the costs of being wrong
other as- pects of economics in that and the costs of generating the
tradeoffs exist. Optimal forecasts forecasts.
should
9. A two step ahead forecast will require chain rule of forecasting.
the forecaster to use the one step
ahead fore- cast. This procedure using
forecasted values to generate future
forecasts is know as
Theory
10. The most important consideration in
deter- mining the "best" model is
11. Which of the following forms do not add cur- Linear
vature to an OLS model? addition of a intercept shifter
12. Which one of the following models A model based on economic theory,
is like- ly to lead to the relatively statistical properties, and experience
largest degree of out-of-sample of the forecaster
forecast accuracy?
The current value of y, naive forecast.
13. If a series, y, follows a random walk,
what is the optimal one-step ahead
forecast for y?
14. Question requires thinking beyond what was In-sample forecasting ability
is a poor
stated in class or lab. Which of the process, shocks
following statements is true concerning will
forecasting in econometrics?
15. For a stationary autoregressive
3/
39
, AGEC 317 Final
Study online at
st of model adequacy
https://quizlet.com/_e834oa
Eventually die away
16. Production Function the relationship between quantity of
in- puts used to make a good
and the quantity of output of that
good
4/
39
updated
1. A parsimonious model is one that includes as few variables as
possible to
correctly explain the data.
2. If you exclude a relevant variable in most likely bias.
your model, your estimates would
3. If you include an irrelevant variable would be unbiased but lose
in your model, your estimates efficiency
4. The data set you obtained on starting salaries include GPA as a
quantitative variable
for AGEC graduates includes only and only one qualitative variable for
graduates from Texas Tech and TAMU university.
and their GPAs. In estimating a simple
model with salaries as the dependent
variable and university grad- uated
from and GPAs, what is the best way to
include the variables?
a) include a polynomial variable.
5. How would one include a variable to b) include an interaction
that would allow the slope of a between a qualitative variable
estimated equa- tion vary depending and the indepen- dent variable that
on the value of an inde- pendent you want the slope to depend on.
variable? c) include an interaction term
between any variable and the
varaible you want the slope to
depend on.
6. Composite forecasts are is a wieghted average of two or
more forecasts.
1/
39
,AGEC 317 Final questions and answers graded A+
updated
7. A forecasting method based on consensus of Delphi
several rounds of surveys of experts is
known as
2/
39
, AGEC 317 Final
Study online at
https://quizlet.com/_e834oa
8. Forecasting is not different than consider the costs of being wrong
other as- pects of economics in that and the costs of generating the
tradeoffs exist. Optimal forecasts forecasts.
should
9. A two step ahead forecast will require chain rule of forecasting.
the forecaster to use the one step
ahead fore- cast. This procedure using
forecasted values to generate future
forecasts is know as
Theory
10. The most important consideration in
deter- mining the "best" model is
11. Which of the following forms do not add cur- Linear
vature to an OLS model? addition of a intercept shifter
12. Which one of the following models A model based on economic theory,
is like- ly to lead to the relatively statistical properties, and experience
largest degree of out-of-sample of the forecaster
forecast accuracy?
The current value of y, naive forecast.
13. If a series, y, follows a random walk,
what is the optimal one-step ahead
forecast for y?
14. Question requires thinking beyond what was In-sample forecasting ability
is a poor
stated in class or lab. Which of the process, shocks
following statements is true concerning will
forecasting in econometrics?
15. For a stationary autoregressive
3/
39
, AGEC 317 Final
Study online at
st of model adequacy
https://quizlet.com/_e834oa
Eventually die away
16. Production Function the relationship between quantity of
in- puts used to make a good
and the quantity of output of that
good
4/
39
