100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Test Bank –Introductory Econometrics: A Modern Approach, 5th Edition by Jeffrey M. Wooldridge $13.99   Add to cart

Exam (elaborations)

Test Bank –Introductory Econometrics: A Modern Approach, 5th Edition by Jeffrey M. Wooldridge

 8 views  0 purchase
  • Course
  • Institution

Test Bank –Introductory Econometrics: A Modern Approach, 5th Edition by Jeffrey M. Wooldridge With PERFECT SOLUTION AVAILABLE OF ALL CHAPTERS Chapter 1 1. Econometrics is the branch of economics that . a. studies the behavior of individual economic agents in making economic decisions b...

[Show more]

Preview 4 out of 131  pages

  • June 24, 2023
  • 131
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers
avatar-seller
Test Bank –Introductory Econometrics: A Modern
Approach, 5th Edition by Jeffrey M. Wooldridge
With PERFECT SOLUTION AVAILABLE OF ALL CHAPTERS

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 of an economy as a whole
d. applies mathematical methods to represent economic theories and solve economic problems.

Answer: 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

Answer: 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.

Answer: a
Difficulty: Easy
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

Answer: 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

Answer: 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

Answer: b
Difficulty: Easy
Bloom’s: Knowledge
A-Head: Steps in Empirical Economic
Analysis BUSPROG:
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

Answer: 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

Answer: 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

Answer: d
Difficulty: Easy
Bloom’s: Application
A-Head: The Structure of Economic
Data BUSPROG: Analytic

, 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. Therefore,
data on the income of law graduates on a particular year are examples of cross-sectional data.

10. A data set that consists of observations on a variable or several variables over time is called a
data set.
a. binary
b. cross-sectional
c. time series
d. experimental

Answer: c
Difficulty: Easy
Bloom’s: Knowledge
A-Head: The Structure of Economic
Data BUSPROG:
Feedback: A time-series data set consists of observations on a variable or several variables over time.

11. Which of the following is an example of time series data?
a. Data on the unemployment rates in different parts of a country during a year.
b. Data on the consumption of wheat by 200 households during a year.
c. Data on the gross domestic product of a country over a period of 10 years.
d. Data on the number of vacancies in various departments of an organization on a particular month.

Answer: c
Difficulty: Easy
Bloom’s: Application
A-Head: The Structure of Economic
Data BUSPROG: Analytic
Feedback: A time-series data set consists of observations on a variable or several variables over
time. Therefore, data on the gross domestic product of a country over a period of 10 years is an
example of time series data.

12. Which of the following refers to panel data?
a. Data on the unemployment rate in a country over a 5-year period
b. Data on the birth rate, death rate and population growth rate in developing countries over a 10-
year period.
c. Data on the income of 5 members of a family on a particular year.
d. Data on the price of a company’s share during a year.

Answer: b
Difficulty: Easy

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller ACADEMICAIDSTORE. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $13.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

83637 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$13.99
  • (0)
  Add to cart