Marymwangi633

Write your own thoughts on how going to college can benefit you in each of the following areas: - ANSWERS-1. Income- will increase your income 2. Knowledge- improve knowledge of the topic you wish to major in 3. Decision making- better train your mind to make quick/ effective decisions 4. Networking- the college has many students; meeting students will lead to having better connections for jobs 5. Independence- allows you to be more responsible and independent w/ household duties

How do differences in income levels and income distribution among countries affect international businesses? - ANSWERS- Income level provides clues to the purchasing power of residents. The technological sophistication of local production processes, and the status of the public infrastructure. One important source of income statistics is the World Bank, which divides the world's countries into high-income, middle-income, and low-income categories. High-income countries are those that enjoy an...

Which of the following has been reduced as a result of globalization? -environment and labor laws -foreign exchange transactions -volume of goods and services -regulation of markets -differences in material culture - ANSWERS-Differences in material culture

subcontract - ANSWERS-In the sports apparel industry, firms such as Nike and Reebok farm out nearly all their athletic shoe production to lower-cost foreign manufacturers. This type of sourcing is generally known as ______________________ back-office; front-office - ANSWERS-Business Process Outsourcing (BPO) can be divided into two categories: ___________________ activities and _______________________ activities which; where - ANSWERS-In undertaking outsourcing, managers face two key decis...

FCC - ANSWERS-Stands for Federal Communications Commission. The Telecommunications Act of 1996. The rule concerning restriction on viewers' ability to view programming from direct broadcast satellites, wireless cable, and television broadcast stations.

Most people don't know everything. So even though they make choices based on all the information available to them, that often doesn't include all the information there is. Their decisions are based on incomplete information.

Why do labor economists often find it difficult to estimate the ceteris paribus return to education, in terms of wage, using non-experimental data? - ANSWERS-a. Education level in non-experimental data is probably dependent on other omitted factors that also affect wage The term 'u' in an econometric model is usually referred to as the - ANSWERS-error term

In other words, that is the sample covariance(xi,yi)/sample variance(xi). B1hat equals the population covariance divided by the variance of x when E(u)=0 and Cov(x,u)=0. An immediate implication is that if x and y are positively correlated in the sample, then B1hat is positive, and B1hat is negative if x and y are negatively correlated in the sample. The main assumption in getting this value is that the xi in the sample are not all equal to the same value. Summation from 1 to n(xi-xbar)...

For joint hypothesis testing, explain why you cannot test the individual coefficients one at a time -- using the t-stat test? - ANSWERS-the size of the test, or the probability that you will reject Ho becomes too high because testing each coefficient one at time gives you too many chances to reject Ho where Ho is rejected too often

forward selection - ANSWERS-- start with base model - add one variable at a time - pick variable that maximizes R^2 across all the models - now have a new model containing this new variable - keep variable if coefficient on B1 is significant - repeat until you cannot add any new variables

Mean and Variance of Sums - ANSWERS-Two key building blocks for the algebra of expectations and variances are transformations of the sums of random variables: 1) The mean of the sum of two random variables is the sum of their means 2) The variance of the sum of two random variables is the sum of their variances plus twice their covariance

Based on the scatterplot, does it seem reasonable to model the response variable as a function of the explanatory variable? - ANSWERS-Since, the relationship between (2 variables) is (linear, moderate, and with distinct outliers present), it does seem reasonable to model the response (variable) as a function of the explanatory (variable). (BASED ON THE FORM AND STRENGTH)

Ex of Pooled Cross Sections - ANSWERS-- Evaluate effect of change in property taxes on house prices - Random sample of house prices for the year 1993 - A new random sample of house prices for the year 1995 Compare before/after (1993: before reform, 1995: after reform)

Consider the following regression model: y = ^alpha0 + B_1_x_1 + u. Which of the following is a property of Ordinary Least Square (OLS) estimates of this model and their associated statistics? - ANSWERS-The point (x,y) always lies on the OLS regression line.

- Has a key role in everything we do in economics - We need to know what is a sampling distribution of our estimator because we want to perform hypothesis test & build confidence intervals - ANSWERS-The sampling distribution

what is the estimated regression equation? - ANSWERS observed real-world values of x and y used to calculate the coefficient estimates. the estimates are used to determine ("y-hat") the beta-hats are determined by best guesses of true regression coefficients and obtained from data from a sample of ys and xs.

Naghshpour, Shahdad (2012-11-10). Statistics for Economics (Kindle Locations 4637-4640). Business Expert Press. Kindle Edition. ..., As the sample size increases, the distribution of the sample mean of a randomly selected sample approaches the normal distribution. • A theorem that states that the sampling distribution curve (for sample sizes of 30 and over) will be centered on the population parameter value and it will have all the properties of a normal distribution.

If two RVs are independent joint probability of them equals product of the probability of each RV - ANSWERS-If two RVs are independent joint probability of them equals product of the probability of each RV

Steps of Research Process - ANSWERS-1. A concise statement of the problem 2. Comments on the information that is available 3. A description of the research design that includes -the economic model -the econometric estimation and methods -data sources -estimation, hypothesis testing and prediction procedures, including econometric software. 4. The potential contribution of the research.

Steps of econometric analysis (5) - ANSWERS-1) Formulate hypothesis about relationship between 1+ economic variables that can be tested with data 2) Econometric/regression model of relationships between variables 3) Collect data on variables in model 4) Use econometric methods to estimate parameters of model 5) Use estimates to test hypothesis