EC295 Midterm Practice Exam | Verified
Questions & Correct Answers | 2025/2026
Update| quick revision & guaranteed success|
Rated A+
Analyzing the behavior of unemployment rates across U.S. states in March of 2006 is an example of
using:
A) time series data.
B) panel data.
C) cross-sectional data.
D) experimental data.
CORRECT ANS: C) cross-sectional data.
Studying inflation in the United States from 1970 to 2006 is an example of using:
A) randomized controlled experiments.
B) time series data.
C) panel data.
D) cross-sectional data.
CORRECT ANS: B) time series data.
Analyzing the effect of minimum wage changes on teenage employment across the 48 contiguous U.S.
states from 1980 to 2004 is an example of using:
A) time series data.
B) panel data.
C) having a treatment group vs. a control group, since only teenagers receive minimum wages.
D) cross-sectional data
, CORRECT ANS: B) panel data.
Panel data:
A) is also called longitudinal data.
B) is the same as time series data.
C) studies a group of people at a point in time.
D) typically uses control and treatment group
CORRECT ANS: A) is also called longitudinal data.
Econometrics can be defined as follows with the exception of:
A) the science of testing economic theory.
B) fitting mathematical economic models to real-world data.
C) a set of tools used for forecasting future values of economic variables.
D) measuring the height of economists
CORRECT ANS: D) measuring the height of economists
To provide quantitative answers to policy questions:
A) it is typically sufficient to use common sense.
B) you should interview the policy makers involved.
C) you should examine empirical evidence.
D) is typically impossible since policy questions are not quantifiable
CORRECT ANS: C) you should examine empirical evidence.
An example of a randomized controlled experiment is when:
Questions & Correct Answers | 2025/2026
Update| quick revision & guaranteed success|
Rated A+
Analyzing the behavior of unemployment rates across U.S. states in March of 2006 is an example of
using:
A) time series data.
B) panel data.
C) cross-sectional data.
D) experimental data.
CORRECT ANS: C) cross-sectional data.
Studying inflation in the United States from 1970 to 2006 is an example of using:
A) randomized controlled experiments.
B) time series data.
C) panel data.
D) cross-sectional data.
CORRECT ANS: B) time series data.
Analyzing the effect of minimum wage changes on teenage employment across the 48 contiguous U.S.
states from 1980 to 2004 is an example of using:
A) time series data.
B) panel data.
C) having a treatment group vs. a control group, since only teenagers receive minimum wages.
D) cross-sectional data
, CORRECT ANS: B) panel data.
Panel data:
A) is also called longitudinal data.
B) is the same as time series data.
C) studies a group of people at a point in time.
D) typically uses control and treatment group
CORRECT ANS: A) is also called longitudinal data.
Econometrics can be defined as follows with the exception of:
A) the science of testing economic theory.
B) fitting mathematical economic models to real-world data.
C) a set of tools used for forecasting future values of economic variables.
D) measuring the height of economists
CORRECT ANS: D) measuring the height of economists
To provide quantitative answers to policy questions:
A) it is typically sufficient to use common sense.
B) you should interview the policy makers involved.
C) you should examine empirical evidence.
D) is typically impossible since policy questions are not quantifiable
CORRECT ANS: C) you should examine empirical evidence.
An example of a randomized controlled experiment is when:
