TEST BANK FOR Introductory Econometrics: A Modern Approach 7th Edition by Jeffrey M. Wooldridge||NEWEST EDITION

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TEST BANK FOR
Introductory Econometrics: A Modern
Approach 7th Edition
By Jeffrey M. Wooldridge

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Chapter 1

1. Econometrics Is The Branch Of Economics That .
a. Studies The Behavior Of Individual Economic Agents In Making Economic Decisions
b. Develops And Uses Statistical Methods For Estimating Economic Relationships
c. Deals WITH The Performance, Structure, Behavior, And Decision-
Making Ofan Economy As A Whole
d. Applies Mathematical Methods To Represent Economic Theories And
Solve Economic Problems.

CORRECT:B
Difficulty: Easy
Bloom’s: Knowledge
A-Head: What Is Econometrics?
BUSPROG:
FEEDBACK Econometrics Is The Branch Of Economics That Develops And
Uses Statistical Methods For Estimating Economic Relationships.

2. Nonexperimental Data Is Called .
a. Cross-Sectional Data
b. Time Series Data
c. Observational Data
d. Panel Data

CORRECT:B
Difficulty: Easy
Bloom’s: Knowledge
A-Head: What Is Econometrics?
BUSPROG:
FEEDBACK

3. WHICH Of The Following Is True Of Experimental Data?
a. Experimental Data Are Collected In Laboratory Environments In The
Natural Sciences.
b. Experimental Data Cannot Be Collected In A Controlled Environment.
c. Experimental Data Is Sometimes Called Observational Data.
d. Experimental Data Is Sometimes Called Retrospective Data.

CORRECT:A
Difficulty: Easy

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Bloom’s: Knowledge
A-Head: What Is Econometrics?
BUSPROG:
FEEDBACK

4. An Empirical Analysis Relies On To Test A Theory.
a. Common Sense
b. Ethical Considerations
c. Data
d. Customs And Conventions

CORRECT:C
Difficulty: Easy
Bloom’s: Knowledge
A-Head: Steps In Empirical Economic Analysis
BUSPROG:
FEEDBACK An Empirical Analysis Relies On Data To Test A Theory.

5. The Term ‘U’ In An Econometric Model Is Usually Referred To As The .
a. Error Term
b. Parameter
c. Hypothesis
d. Dependent Variable

CORRECT:A
Difficulty: Easy
Bloom’s: Knowledge
A-Head: Steps In Empirical Economic Analysis
BUSPROG:
FEEDBACK The Term U In An Econometric Model Is Called The Error Term
Or Disturbance Term.

6. The Parameters Of An Econometric Model .
a. Include All Unobserved Factors Affecting The Variable Being Studied
b. Describe The Strength Of The Relationship Between The Variable Under
Study And The Factors Affecting It
c. Refer To The Explanatory Variables Included In The Model
d. Refer To The Predictions That Can Be Made Using The Model

CORRECT:B
Difficulty: Easy
Bloom’s: Knowledge
A-Head: Steps In Empirical Economic Analysis
BUSPROG:

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FEEDBACK The Parameters Of An Econometric Model Describe The Direction
And Strength Of The Relationship Between The Variable Under Study And
The Factors Affecting It.

7. WHICH Of The Following Is The First Step In Empirical Economic Analysis?
a. Collection Of Data
b. Statement Of Hypotheses
c. Specification Of An Econometric Model
d. Testing Of Hypotheses

CORRECT:C
Difficulty: Easy
Bloom’s: Knowledge
A-Head: Steps In Empirical Economic Analysis
BUSPROG:
FEEDBACK The First Step In Empirical Economic Analysis Is The Specification Of The
Econometric Model.

8. A Data Set That Consists Of A Sample Of Individuals, Households, Firms,
Cities, States, Countries, Or A Variety Of Other Units, Taken At A Given Point In
Time, Is Called A(N) .
a. Cross-Sectional Data Set
b. Longitudinal Data Set
c. Time Series Data Set
d. Experimental Data Set

CORRECT:A
Difficulty: Easy
Bloom’s: Knowledge
A-Head: The Structure Of Economic Data
BUSPROG:
FEEDBACK A Data Set That Consists Of A Sample Of Individuals, Households,
Firms, Cities, States, Countries, Or A Variety Of Other Units, Taken At A Given
Point In Time, Is Called A Cross-Sectional Data Set.

9. Data On The Income Of Law Graduates Collected At Different Times During The
Same Year Is .
a. Panel Data
b. Experimental Data
c. Time Series Data
d. Cross-Sectional Data

CORRECT:D
Difficulty: Easy