Econometrics (Introductory level)
Exam Preparation Guide
Course Introduction
This course provides an introduction to econometric methods, focusing on the statistical tools and techniques used to analyze economic data. Students will learn the fundamental concepts of regression analysis, estimation, hypothesis testing, and model specification. Emphasis is placed on understanding the assumptions underlying econometric models and interpreting the results in the context of real-world economic questions. Practical applications are explored through empirical examples and the use of statistical software, enabling students to develop data analysis skills relevant to economics, business, and policy research.
Recommended Textbook Essentials of Statistics for Business and Economics 6th Edition by David R. Anderson
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Chapter 1: Data and Statistics
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Sample Questions
Q1) Social security numbers consist of numeric values. Therefore, social security is an example of
A)a quantitative variable
B)either a quantitative or a categorical variable
C)an exchange variable
D)a categorical variable
Answer: D
Q2) Refer to Exhibit 1-2. The 57% approval is an example of A)a sample
B)descriptive statistics
C)statistical inference
D)a population
Answer: B
Q3) Data
A)are always be numeric
B)are always nonnumeric
C)are the raw material of statistics
D)None of these alternatives is correct.
Answer: C
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Chapter 2: Descriptive Statistics: Tabular and Graphical Presentations
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Sample Questions
Q1) Refer to Exhibit 2-1. The percentage of students working 19 hours or less is A)20%
B)25%
C)75%
D)80%
Answer: B
Q2) Refer to Exhibit 2-1. The cumulative relative frequency for the class of 20 - 29
A)is 300
B)is 0.25
C)is 0.75
D)is 0.5
Answer: C
Q3) The difference between the lower class limits of adjacent classes provides the A)number of classes
B)class limits
C)class midpoint
D)class width
Answer: D
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Chapter 3: Descriptive Statistics: Numerical Measures
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Sample Questions
Q1) The variance can never be
A)zero
B)larger than the standard deviation
C)negative
D)smaller than the standard deviation
Answer: C
Q2) The coefficient of correlation
A)is the same as the coefficient of determination
B)can be larger than 1
C)cannot be larger than 1
D)cannot be negative
Answer: C
Q3) Refer to Exhibit 3-2. The 75th percentile is
A)5
B)6
C)7
D)8
Answer: D
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Chapter 4: Introduction to Probability
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Sample Questions
Q1) Bayes' theorem is used to compute
A)the prior probabilities
B)the union of events
C)intersection of events
D)the posterior probabilities
Q2) Two events are mutually exclusive
A)if their intersection is 1
B)if they have no sample points in common
C)if their intersection is 0.5
D)None of these alternatives is correct.
Q3) If P(A) = 0.4, P(B | A) = 0.35, P(A \(\cup\) B) = 0.69, then P(B) =
A)0.14
B)0.43
C)0.75
D)0.59
Q4) Events A and B are mutually exclusive if their joint probability is A)larger than 1
B)less than zero
C)zero
D)infinity
Page 6
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Chapter 5: Discrete Probability Distributions
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Sample Questions
Q1) A random variable that can assume only a finite number of values is referred to as a(n)
A)infinite sequence
B)finite sequence
C)discrete random variable
D)discrete probability function
Q2) A production process produces 2% defective parts. A sample of five parts from the production process is selected. What is the probability that the sample contains exactly two defective parts?
A)0.0004
B)0.0038
C)0.10
D)0.02
Q3) Refer to Exhibit 5-2. What is the probability that among the students in the sample at least 6 are male?
A)0.0413
B)0.0079
C)0.0007
D)0.0499
Q4) Determine the probability of being dealt 4 kings in a 5-card poker hand.
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Chapter 6: Continuous Probability Distributions
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Sample Questions
Q1) The mean of a standard normal probability distribution
A)is always equal to zero
B)can be any value as long as it is positive
C)can be any value
D)is always greater than zero
Q2) Refer to Exhibit 6-5. The probability that her trip will take exactly 50 minutes is
A)zero
B)0.02
C)0.06
D)0.20
Q3) In a standard normal distribution, the range of values of z is from A)minus infinity to infinity
B)-1 to 1
C)0 to 1
D)-3.09 to 3.09
Q4) The monthly earnings of computer systems analysts are normally distributed with a mean of $4,300. If only 1.07 percent of the systems analysts have a monthly income of more than $6,140, what is the value of the standard deviation of the monthly earnings of the computer systems analysts?
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Chapter 7: Sampling and Sampling Distributions
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Sample Questions
Q1) Cluster sampling is
A)a nonprobability sampling method
B)the same as convenience sampling
C)a probability sampling method
D)None of these alternatives is correct.
Q2) Parameters are
A)numerical characteristics of a sample
B)numerical characteristics of a population
C)the averages taken from a sample
D)numerical characteristics of either a sample or a population
Q3) A random sample of 150 people was taken from a very large population. Ninety of the people in the sample were female. The standard error of the proportion is
A)0.0016
B)0.2400
C)0.1600
D)0.0400
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Chapter 8: Interval Estimation
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Sample Questions
Q1) In order to determine how many hours per week freshmen college students watch television, a random sample of 256 students was selected. It was determined that the students in the sample spent an average of 14 hours with a standard deviation of 3.2 hours watching TV per week.
a.Provide a 95% confidence interval estimate for the average number of hours that all college freshmen spend watching TV per week.
b.Assume that a sample of 62 students was selected (with the same mean and the standard deviation). Provide a 95% confidence interval estimate for the average number of hours that all college freshmen spend watching TV per week.
Q2) If the population standard deviation of the lifetime of washing machines is estimated to be 900 hours, how large a sample must be taken in order to be 97% confident that the margin of error will not exceed 100 hours?
Q3) A coal company wants to determine a 95% confidence interval estimate for the average daily tonnage of coal that they mine. Assuming that the company reports that the standard deviation of daily output is 200 tons, how many days should they sample so that the margin of error will be 39.2 tons or less?
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Chapter 9: Hypothesis Tests
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Sample Questions
Q1) Some people who bought X-Game gaming systems complained about having received defective systems. The industry standard for such systems has been ninety-eight percent non-defective systems. In a sample of 120 units sold, 6 units were defective.
a.Compute the proportion of defective items in the sample.
b.
b.Compute the standard error of.
c.At 95% confidence using the critical value approach, test to see if the percentage of defective systems produced by X-Game has exceeded the industry standard.
d.Show that the p-value approach results in the same conclusion as that of part
Q2) For a two-tailed test, a sample of 20 at 80% confidence, t =
A)1.328
B)2.539
C)1.325
D)2.528
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Chapter 10: Comparisons Involving Means, Experimental
Design and Analysis of Variance
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Sample Questions
Q1) Refer to Exhibit 10-14. The number of degrees of freedom corresponding to between treatments is
A)18
B)2
C)4
D)3
Q2) Refer to Exhibit 10-6. A 95% confidence interval estimate for the difference between the average purchases of the customers using the two different credit cards is
A)49 to 64
B)11.68 to 18.32
C)125 to 140
D)8 to 10
Q3) An experimental design where the experimental units are randomly assigned to the treatments is known as
A)factor block design
B)random factor design
C)completely randomized design
D)None of these alternatives is correct.
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Chapter 11: Comparisons Involving Proportions and a Test of Independence
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Sample Questions
Q1) Refer to Exhibit 11-1. The expected frequency for each group is
A)0.333
B)0.50
C)1/3
D)50
Q2) Refer to Exhibit 11-3. The expected frequency of those who received medication and were cured is
A)70
B)150
C)28
D)48
Q3) In a sample of 40 Democrats, 6 opposed the President's foreign policy, while of 50 Republicans, 8 were opposed to his policy. Determine a 90% confidence interval estimate for the difference between the proportions of the opinions of the individuals in the two parties.
Q4) Refer to Exhibit 11-8. The p-value is
A)less than 0.001
B)more than 0.10
C)0.0228
D)0.3
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Chapter 12: Simple Linear Regression
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Sample Questions
Q1) Refer to Exhibit 12-2. The point estimate of y when x = 10 is A)-10
B)10
C)-4
D)4
Q2) Refer to Exhibit 12-9. The least squares estimate of b<sub>1</sub> equals
A)0.923
B)1.991
C)-1.991
D)-0.923
Q3) In a regression and correlation analysis if r<sup>2</sup> = 1, then
A)SSE = SST
B)SSE = 1
C)SSR = SSE
D)SSR = SST
Q4) Refer to Exhibit 12-3. The least squares estimate of b<sub>0</sub> equals A)1
B)-1
C)-11
D)11
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Chapter 13: Multiple Regression
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Sample Questions
Q1) Refer to Exhibit 13-8. The multiple coefficient of determination is
A)0.32
B)0.42
C)0.68
D)0.50
Q2) Refer to Exhibit 13-12. The life expectancy of a rat that was not given any protein and that did not take agent X<sub>2</sub> is
A)36.7
B)34.3
C)36
D)38.4
Q3) In multiple regression analysis,
A)there can be any number of dependent variables but only one independent variable
B)there must be only one independent variable
C)the coefficient of determination must be larger than 1
D)there can be several independent variables, but only one dependent variable
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