ch1 - Chapter 1 Economic Questions and Data What is...

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Unformatted text preview: Chapter 1 Economic Questions and Data What is Econometrics? I Econometrics is the science and art of using economic theory and statistical techniques to analyze economic data. I Many decisions in economics, business, and government require quantitative answers to quantitative questions. I We use econometric methods to answer a variety of quantitative economic questions. I Econometric methods are also used in other social sciences. Economic Questions We Examine In this course, we examine following questions: I 1. Does reducing class size improve elementary school education? 2. Is there racial discrimination in the market for home loans? 3. How much do cigarette taxes reduce smoking? 4. What will the rate of inflation be next year? 5. What are the effects of alcohol taxes and drunk driving laws on traffic fatalities? Question #1: Does Reducing Class Size Improve Elementary School Education? Reform of the U.S. public education system is a major topic in education policy debate. I One of the proposal for improving basic learning is to reduce the class sizes at elementary school. I A decision maker must know and compare the costs and benefits of reducing class size....
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ch1 - Chapter 1 Economic Questions and Data What is...

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