Introduction to Econometrics EXAM QUESTIONS AND ANSWERS 100% CORRECT!

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Introduction to Econometrics EXA

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Introduction To Econometrics EXA

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....

,Introduction to Econometrics EXAM
QUESTIONS AND ANSWERS 100%
CORRECT!
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 - ANSWER 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 - ANSWER 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 - ANSWER 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 - ANSWER 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. - ANSWER 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 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 - ANSWER 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 - ANSWER 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 - ANSWER quasi-experimental

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