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exam1 - Econ 302 Exam 1 Spring 2008 Part I Multiple...

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Econ 302 Exam 1 Spring 2008 Part I. Multiple Choices (20 points) 1. Which statement below is NOT correct? a. If a forecasting technique is accurately forecasting the trend, seasonal, or cyclical components that are present in a time series, the forecast errors should appear purely random. b. ^ y is both the point estimate of the mean value of the dependent variable and the point prediction of an individual value of the dependent variable. c. The Least square point estimates are those point estimates which minimize SSE. d. Residual is the distance between y and | y x μ 2.The average life expectancy of tires produced by the Whitney Tire Company has been 40,000 miles. Management believes that due to a new production process, the life expectancy of their tires has increased. In order to test the validity of their belief, the correct set of hypotheses is 3. A sample of 92 observations is taken from an infinite population. The sampling distribution of x is approximately
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