Question 1

​Random sampling complicates the analysis of cross-sectional data.

Accepted Answer

A) True 
 B)False  False

Question 2

A time series data is also called a longitudinal data set.

Accepted Answer

A) True 
 B)False  False

Question 3

An economic model consists of mathematical equations that describe various relationships between economic variables.

Accepted Answer

A) True 
 B)False  True

Question 4

Which of the following is true?

Accepted Answer

A) A variable has a causal effect on another variable if both variables increase or decrease simultaneously. 
B) The notion of 'ceteris paribus' plays an important role in causal analysis. 
C)  Difficulty in inferring causality disappears when studying data at fairly high levels of aggregation. 
D)  The problem of inferring causality arises if experimental data is used for analysis. 
A) A variable has a causal effect on another variable if both variables increase or decrease simultaneously. 
B) The notion of 'ceteris paribus' plays an important role in causal analysis. 
C)  Difficulty in inferring causality disappears when studying data at fairly high levels of aggregation. 
D)  The problem of inferring causality arises if experimental data is used for analysis.

Question 5

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) _____.

Accepted Answer

A) cross-sectional data set 
B) longitudinal data set 
C)  time series data set 
D)  experimental data set 
A) cross-sectional data set 
B) longitudinal data set 
C)  time series data set 
D)  experimental data set

Question 6

A cross-sectional data set consists of observations on a variable or several variables over time.

Accepted Answer

A) True 
 B)False

Question 7

Nonexperimental data is called _____.​

Accepted Answer

A) ​cross-sectional data 
B) ​observational data 
C)  ​time series data 
D)  ​panel data 
A) ​cross-sectional data 
B) ​observational data 
C)  ​time series data 
D)  ​panel data

Question 8

Econometrics is the branch of economics that _____.​

Accepted Answer

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 
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

Question 9

Data on the income of law graduates collected at different times during the same year is _____.

Accepted Answer

A) panel data 
B) experimental data 
C)  time series data 
D)  cross-sectional data 
A) panel data 
B) experimental data 
C)  time series data 
D)  cross-sectional data

Question 10

Which of the following terms measures the association between two variables?

Accepted Answer

A) Casual effect 
B) ​Independence 
C)  ​Average 
D)  ​Correlation 
A) Casual effect 
B) ​Independence 
C)  ​Average 
D)  ​Correlation

Question 11

Which of the following is an example of time series data?

Accepted Answer

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. 
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.

Question 12

_____ has a causal effect on _____.

Accepted Answer

A) Income; unemployment 
B) Height; health 
C)  Income; consumption 
D)  Age; wage 
A) Income; unemployment 
B) Height; health 
C)  Income; consumption 
D)  Age; wage

Question 13

The notion of ceteris paribus means "other factors being equal."​

Accepted Answer

A) True 
 B)False

Question 14

The parameters of an econometric model _____.

Accepted Answer

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 
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

Question 15

​Experimental data are easy to obtain in the social sciences.

Accepted Answer

A) True 
 B)False

Question 16

A data set that consists of observations on a variable or several variables over time is called a _____ data set.

Accepted Answer

A) binary 
B) cross-sectional 
C)  time series 
D)  experimental 
A) binary 
B) cross-sectional 
C)  time series 
D)  experimental

Question 17

The constants of econometric models are referred to as _____.​

Accepted Answer

A) ​parameters 
B) ​statistics 
C)  ​error terms 
D)  ​hypotheses 
A) ​parameters 
B) ​statistics 
C)  ​error terms 
D)  ​hypotheses

Question 18

Which of the following is the first step in empirical economic analysis?

Accepted Answer

A) Collection of data 
B) Statement of hypotheses 
C)  Specification of an econometric model 
D)  Testing of hypotheses 
A) Collection of data 
B) Statement of hypotheses 
C)  Specification of an econometric model 
D)  Testing of hypotheses

Question 19

The term 'u' in an econometric model is usually referred to as the _____.

Accepted Answer

A) error term 
B) parameter 
C)  hypothesis 
D)  dependent variable 
A) error term 
B) parameter 
C)  hypothesis 
D)  dependent variable

Question 20

An empirical analysis relies on _____ to test a theory.

Accepted Answer

A) common sense 
B) ethical considerations 
C)  data 
D)  customs and conventions 
A) common sense 
B) ethical considerations 
C)  data 
D)  customs and conventions

Random sampling complicates the analysis of cross-sectional data.

A time series data is also called a longitudinal data set.

An economic model consists of mathematical equations that describe various relationships between economic variables.

Which of the following is true?

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 consists of observations on a variable or several variables over time.

Nonexperimental data is called _____.

Econometrics is the branch of economics that _____.

Data on the income of law graduates collected at different times during the same year is _____.

Which of the following terms measures the association between two variables?

Which of the following is an example of time series data?

_ has a causal effect on _.

The notion of ceteris paribus means "other factors being equal."

The parameters of an econometric model _____.

Experimental data are easy to obtain in the social sciences.

A data set that consists of observations on a variable or several variables over time is called a _____ data set.

The constants of econometric models are referred to as _____.

Which of the following is the first step in empirical economic analysis?

The term 'u' in an econometric model is usually referred to as the _____.

An empirical analysis relies on _____ to test a theory.

The Simple Regression Model

Multiple Regression Analysis: Estimation

Multiple Regression Analysis: Inference

Multiple Regression Analysis: Ols Asymptotics

Multiple Regression Analysis: Further Issues

Multiple Regression Analysis With Qualitative Information: Binary or Dummy Variables

Heteroskedasticity

More on Specification and Data Problems

Basic Regression Analysis With Time Series Data

Further Issues in Using Ols With Time Series Data

Serial Correlation and Heteroskedasticity in Time Series Regressions

Pooling Cross Sections Across Time: Simple Panel Data Methods

Advanced Panel Data Methods

Instrumental Variables Estimation and Two Stage Least Squares

Simultaneous Equations Models

Limited Dependent Variable Models and Sample Selection Corrections

Advanced Time Series Topics

Carrying Out an Empirical Project

Filters

Exam 1: The Nature of Econometrics and Economic Data

​Random sampling complicates the analysis of cross-sectional data.

A time series data is also called a longitudinal data set.

An economic model consists of mathematical equations that describe various relationships between economic variables.

Which of the following is true?

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 consists of observations on a variable or several variables over time.

Nonexperimental data is called _____.​

Econometrics is the branch of economics that _____.​

Data on the income of law graduates collected at different times during the same year is _____.

Which of the following terms measures the association between two variables?

Which of the following is an example of time series data?

_____ has a causal effect on _____.

The notion of ceteris paribus means "other factors being equal."​

The parameters of an econometric model _____.

​Experimental data are easy to obtain in the social sciences.

A data set that consists of observations on a variable or several variables over time is called a _____ data set.

The constants of econometric models are referred to as _____.​

Which of the following is the first step in empirical economic analysis?

The term 'u' in an econometric model is usually referred to as the _____.

An empirical analysis relies on _____ to test a theory.

The Simple Regression Model

Multiple Regression Analysis: Estimation

Multiple Regression Analysis: Inference

Multiple Regression Analysis: Ols Asymptotics

Multiple Regression Analysis: Further Issues

Multiple Regression Analysis With Qualitative Information: Binary or Dummy Variables

Heteroskedasticity

More on Specification and Data Problems

Basic Regression Analysis With Time Series Data

Further Issues in Using Ols With Time Series Data

Serial Correlation and Heteroskedasticity in Time Series Regressions

Pooling Cross Sections Across Time: Simple Panel Data Methods

Advanced Panel Data Methods

Instrumental Variables Estimation and Two Stage Least Squares

Simultaneous Equations Models

Limited Dependent Variable Models and Sample Selection Corrections

Advanced Time Series Topics

Carrying Out an Empirical Project

Filters

Random sampling complicates the analysis of cross-sectional data.

Nonexperimental data is called _____.

Econometrics is the branch of economics that _____.

_ has a causal effect on _.

The notion of ceteris paribus means "other factors being equal."

Experimental data are easy to obtain in the social sciences.

The constants of econometric models are referred to as _____.