04 Jun Question Instructions: This is a take-home exam
Question
Instructions: This is a take-home exam. You must turn it in at the beginning of class on Thursday February 19th. You may communicate with other students in the class. However, you should not have exactly the same answer as another student to one of the longer questions your answers and explanations need to be written in your own words. You also must write the name of every classmate you spoke to about the exam at the top of your exam. The exam is worth a total of 100 points.
Part I.
Answer each of the following questions by indicating the correct choice. There is only one correct choice for each question. Each is worth 2.5 points.
1. The t-statistic for testing the null H0 : = 1is t = ( 1)/SE( ) where is an estimator for the parameter and SE( ) is:
(a) the sample standard deviation of the regressor divided by the square root of the sample size
(b) the standard error of the regression, also called SER
(c) the sample standard deviation of the regressor
(d) the standard error of the estimator, which provides an estimate of the standard deviation of
2. The coverage probability of a confidence interval (select one of the following):
(a) should always be as large as possible
(b) should always be 95%
(c) should always be equal to a preset level
(d) should always be as small as possible
3. The bias of an estimator, , of the parameter is:
(a) E( )
(b) V ar( )
(c) E( )
(d) limn E( )
4.Consider data from a random sample of individuals on 2014 income. Let denote the average income of the individuals in the sample with a college degree and let X n oc denote the average income of the individuals in the sample without a college degree. Then X c /X nov is
(a) an unbiased and consistent estimator for the ratio of two conditional expectations
(b) a biased but consistent estimator for the ratio of two conditional expectations
(c) a biased and inconsistent estimator for the ratio of two conditional expectations
(d) an estimator for a causal effect
5. According to , a sample mean is a consistent estimator of the population mean if the sample is a random sample.
(a) Slutskys theorem
(b) the law of large numbers
(c) the continuous mapping theorem
(d) the law of iterated expectations
6. Which of the following is zero conditional mean assumption in the linear regression model with a single regressor (Yi = 0 + Xi + ui )?
(a)
E(Yi | Xi ) =
0 (b) E(ui | Xi ) =
0 (c) E(Xi | ui ) =
0 (d)
0
E(ui | Yi ) =
7.
The policy-relevant effect of the independent variable in a regression is best
measured by
(a) 0
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