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hw1_answer_econ120b_w08 - Economics 120B Professor Yongil...

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Economics 120B Name: _________________________ Professor Yongil Jeon Winter 2008 Student ID#: _________________________ Answer to Homework #1, Winter 2008 (Part of Exam 1, Summer 2006) Answer all questions on separate paper. This problem set should be handed in to Professor Jeon at the beginning of your class on Wednesday, February 6th, 2008. Problem sets may not be handed in once solutions have been distributed. Please write down your name and PID clearly. Good luck! 1-a. (5 points) Analyzing the behavior of unemployment rates across 150 different countries in July of 2006 is an example of using a. time series data. b. panel data. c. cross-sectional data. d. experimental data. Answer : c 1-b. (5 points) The least squares procedure minimizes the sum of A) the residuals. B) squared maximum error. C) absolute errors. D) squared residuals. Answer: D 1-c. (5 points) A residual is A) the difference between the mean of Y conditional on X and the unconditional mean. B) the difference between the mean of Y and its actual value. C) the difference between the regression prediction of Y and its actual value. D) the difference between the sum of squared errors before and after X is used to predict Y.

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