Sample QUESTIONS-Exam#1

# Sample QUESTIONS-Exam#1 - Sample Exam 1. Briefly identify...

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Sample Exam 1. Briefly identify the following in words or equations as appropriate: (a) Degrees of freedom (b) Estimated regression equation (c) The Six Steps in Applied Regression Analysis (d) Ordinary Least Squares (e) The meaning of β 1 in: Y i = 0 + 1 X 1i + 2 X 2i + ε i 2. Two of the most important econometric concepts to date have been the stochastic error term and the residual. Carefully distinguish between these two concepts, being sure to: (a) Define both terms. (b) State how they are similar. (c) State how they are different. (d) Give an example of an equation that contains a stochastic error term. (e) Give an example of an equation that contains a residual. 3. A source of constant discussion among applied econometricians is the degree to which measures of the overall fit of an estimated equation also measure the quality of that regression. To date, we have introduced something like four different measures of overall fit, but the two most used are and . (a) Carefully distinguish between

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## This note was uploaded on 10/17/2011 for the course ECON 212 taught by Professor Ffa.de during the Spring '11 term at Drexel.

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Sample QUESTIONS-Exam#1 - Sample Exam 1. Briefly identify...

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