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test2-3u03-2011w - ECON 3U03 Test 2 Instructor Shintaro...

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ECON 3U03: Test 2 Instructor: Shintaro Yamaguchi March 8, 2011 Do not start or read problems starting from the next page until you are told to do so (or get 10% penalty on this test). Only university calculator (Casio FX991) is allowed. There are 4 questions. The marks for each question are indicated. Your answer must be supported by a clear explanation unless otherwise noted. Answer concisely. Writing something that is not directly related to the right answer may result in deduction. No mark may be awarded if your answer makes little sense or if it is not comprehensible to the marker, even if it includes some words which should appear in the correct answer. When finished, submit only the answer sheet to the place assigned by the invigilator. Invigi- lators do not pick it up from you. Keep this sheet for your study. A student who does not respect the time limits during the test will get a 10% penalty on this test. 1
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1. (35 marks) Consider the following regression model. INS t = β 1 + β 2 INC t + e t , where INS t is the expenditures on life insurance of household t , INC t is income, and e t is an error term. The sample size is 38 and the (incomplete) regression results are summarized by the following table Parameters
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