REVIEW1A_S08 - UMASS-DARTMOUTH Department of Economics...

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UMASS-DARTMOUTH Department of Economics Prof. Ron Shadbegian ECO333 - Econometrics Spring 2008 MIDTERM REVIEW SHEET DISCLAIMER: This sheet may NOT contain a reference to all material covered on the midterm. 1. All questions covered on homework assignments 1-5 are appropriate exam material except for hand calculations of covariances, correlation coefficients, and OLS estimates β 1 and β 2 . 2. Briefly define/explain the following terms/concepts a) Population vs Sample b) Random Variable c) Expected Value (Mean), Variance, and Standard Deviation of a probability distribution d) Covariance vs Correlation Coefficient e) Regression Analysis f) Deterministic Relationship vs Statistical Relationship g) Population Regression Function vs Sample Regression Function h) Linearity in the Variables vs Linearity in the Parameters i) Standard Error of the Estimate (Regression) j) Standard errors of the OLS estimates SE(β 1 ) and SE(β 2 ) k) Type I Error and Type II Error l) P-value m) Coefficient of Determination (R 2 ) n) Calculated T-Statistic vs Critical Value of the T-Statistic 3. Explain intuitively what it means for a variable to be distributed according to the i) Normal Distribution; ii) T-Distribution; iii) Chi-Square Distribution; and iv) F-Distribution. 4. X is random variable. X ~ N(10,25). What is the probability that X lies on the interval between -5 and 15? 5. What is the probability of obtaining a χ 5 value of 2.773 or greater with 2 degrees of freedom? 6. Given k 1 =1 and k 2 =200, what is the probability of obtaining an F-value of 3.84 or greater? 7. What is the probability of obtaining a t-value of 2.617 or greater with 120 degrees of freedom? 8. What is the probability of obtaining a t-value of greater than 2.617 or less than -2.617 with 120 degrees of freedom? 9. Explain the differences and similarities between correlation analysis and regression analysis. 10. Explain the importance of the error term (U
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REVIEW1A_S08 - UMASS-DARTMOUTH Department of Economics...

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