Exam 1: The Nature of Econometrics and Economic Data

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)_____.

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

Econometrics is the branch of economics that _____.

_____ has a causal effect on _____.

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

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

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

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

Experimental data are sometimes called retrospective data.

Which of the following is true of experimental data?

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

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

Nonexperimental data is called _____.

The parameters of an econometric model _____.

An empirical analysis relies on _____to test a theory.

Which of the following refers to panel data?

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

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

Which of the following is true?

Which of the following is a difference between panel and pooled cross-sectional data?