sample final.201-FALL '10

sample final.201-FALL '10 - Version # DO NOT TURN THE PAGE...

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Version # DO NOT TURN THE PAGE UNTIL SO INSTRUCTED! Economic Statistics Economics 321 Prof. Gandhi Sample Final Exam Your exam is on Monday, December 13 from 8-10am Name___________________ Instructions: - For part 1, put your answers on the Scantron sheet using a No. 2 pencil. In addition to the answers, you need to fill in your name (last, first) and your student ID#. Also write the version/color of your exam in the margin. Do not fold or bend this sheet. - For part 2, your answers should be written directly on this exam. - You are only permitted to use a writing utensil and a standard calculator (as defined in class) to take this exam. - Please raise your hand if you have any questions during the exam. - TURN OFF ALL MOBILE PHONES! - The exam ends at 10am.
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Name_______________________ Multiple-choice questions (3 points each): Clearly mark the best answer in pencil on your SCANTRON sheet. 1. Which of the following is the best interpretation of b 2 in this equation: 2 1 ln 25 . 0 4 . 2 01 . 1 ˆ X X Y - + = a. A 1 unit increase in X 2 causes a 0.25 unit decrease in Y, holding X 1 constant. b. A 1% increase in X 2 causes a 0.0025 unit decrease in Y, holding X 1 constant. c. A 1 unit increase in X 2 causes a 25% decrease in Y, holding X 1 constant. d. A 1% increase in X 2 causes a 0.25% decrease in Y, holding X 1 constant. 2. Using the equation below, determine what the likely direction of bias is in the estimate slope coefficient caused by omitting “years of experience” ( exp) if it is a relevant variable. univ wage 066 . 0 121 . 2 ) ( ˆ ln + = where wage = hourly wage and univ = number of years attended at 4-year university or college a. Negative because exp and wage are likely negatively correlated and exp and univ are likely positively correlated. b. Negative because exp and wage are likely positively correlated and exp and univ are likely negatively correlated. c.
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sample final.201-FALL '10 - Version # DO NOT TURN THE PAGE...

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