exam1-fall09-practice - Econometrics (ECO 721) Practice...

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Econometrics (ECO 721) Name: Practice First Exam Partha Deb Answer every question. Keep your answers brief and to the point. If you need only one sentence to answer the question and explain your reasons, that is adequate. On the other hand, if you write a one-page essay but fail to answer the question, you will receive little or no credit. All your work, including scratch work should be done on these pages only. Use the reverse side of the page if you need additional space. If you are at all unsure about any question, please feel free to ask me. Good luck. 1 . Consider the following baseline regression for the demand for medical care, estimated on a sample of 3000 individuals, log( medex i ) = & 0 + 1 age i + 2 age 2 i + 3 f i + 4 f i age i + 5 f i age 2 i + 6 log( price i )+ 7 log( inc i )+ u i ; where medex i is the annual expenditure on medical care by person i , age i age in years, f i is a dummy variable for female gender (=1 if female), price i is the price of
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exam1-fall09-practice - Econometrics (ECO 721) Practice...

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