Econometrics-1 Test (2) 5th Regular (2023-2027)

Welcome to your Econometrics-1 Test (2) 5th Regular (2023-2027)

This quiz consists of 30 multiple-choice questions, each carrying 1 mark.
You have 30 minutes to complete the quiz.
Read each question carefully and select the best answer.
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Name

Roll No.

Data collected at one point in time for several individuals is called:

Time series data

Panel data

Primary data

Cross-sectional data

None

In consumption function what does intercept, and slope coefficient represent?

Intercept is autonomous savings and slope coefficient is MPS

Intercept is autonomous consumption and slope coefficient is induced consumption

Intercept is autonomous consumption and slope coefficient is MPC

Intercept is MPC and slope coefficient is autonomous consumption

None

In a demand function if slope coefficient = -0.55, what does it mean?

1 unit increase in quantity demanded is associated with 0.55 units increase in price

1 unit increase in price is associated with 0.55 units increase in quantity demanded

1 unit increase in price is associated with 0.55 units decrease in quantity demanded

1 unit increase in quantity demanded is associated with 0.55 units decrease in price

None

Gender and religion are examples of:

Qualitative variables

Ratio variables

Quantitative variables

Continuous variables

None

The variable whose value is predicted in regression is called:

Control variable

Dependent variable

Random variable

Independent variable

None

Which field provides numerical estimates of economic relationships?

Economic theory

Econometrics

Mathematical economics

Economic statistics

None

Coefficient of determination (R²) measures:

Correlation between errors

Variance of X

Percentage of variation in Y explained by X

Standard deviation of residuals

None

Which of the following statement is correct for coefficient of determination?

TSS / ESS, It lies between 0 and 1

1-(RSS / TSS), It lies between 0 and 1

ESS/TSS, 0 to 10

ESS/TSS, It lies between -1 and 1

None

10.

GDP, exports, and investment are examples of:

Qualitative data

Quantitative data

Nominal data

Categorical data

None

11.

Economic statistics mainly deals with:

Testing economic models

Predicting economic policies

Collecting and presenting economic data

Estimating causal relationships

None

12.

Panel data is characterized by:

Only experimental observations

Multiple entities at a single time

Randomly selected observations

Same entity observed over multiple time periods

None

13.

In a consumption function if r-squared = 0.90 it means:

90% of variation in income is explained by consumption

About 9% of variation in consumption is explained by income

90% of variation in consumption is explained by income

About 9% of variation in income is explained by consumption

None

14.

If all observations lie exactly on the regression line, then:

R² = 0

R² = 1

R² = 0.5

R² = −1

None

15.

Which of the following is NOT a component of econometrics?

Mathematics

Psychology

Economic theory

Statistics

None

16.

The OLS method estimates regression coefficients by minimizing:

Sum of squared residuals

Sum of absolute errors

Sum of squared X values

Sum of predicted values

None

17.

Who coined the term Econometrics?

Ragnar Frisch

Lawrence Klein

Alfred Marshall

Jan Tinbergen

None

18.

Which of the following is NOT an objective of econometrics?

Estimating economic coefficients

Testing economic theories

Evaluating policies

Eliminating uncertainty in economics

None

19.

In a simple linear regression model what does β₀ and β₁ represents?

β₀ is intercept and β₁ is slope coefficient

β₀ is slope coefficient and β₁ is intercept

β₀ is the value of X when Y=0 and β₁ is slope coefficient

β₀ is intercept and β₁ is change in X due to one unit change in Y

None

20.

Econometricians are mainly interested in:

Statistical inference

Descriptive analysis

Causal inference

Data classification

None

21.

Which of the following is a limitation of econometrics?

Depends heavily on data quality

Does not use mathematics

Does not provide reliable results

Cannot test theory

None

22.

The fitted regression equation obtained from sample data is known as:

Population regression function

Sample regression function

Stochastic equation

Structural equation

None

23.

A deterministic relationship means:

Exact relationship without randomness

Negative relationship

Random relationship

Non-linear relationship

None

24.

Data obtained from sources like WDI or published reports is known as:

Secondary data

Primary data

Experimental data

Survey data

None

25.

Which of the following best describes pooled data?

Data collected over time for single entity

Data collected at single point int time for several units

Combination of cross-section and time series without tracking the same units

Combination of cross-section and time series with tracking the same units

None

26.

Balanced panel data means:

Each cross-section has the same number of time observations

No correlation between variables

All variables have equal variance

Only time series data

None

27.

An estimator is:

A numerical value

A population value

A fixed constant

A rule or formula used to estimate a parameter

None

28.

Econometrics is mainly concerned with:

Qualitative description of economics

Quantitative analysis of economic relationships

Expressing economic theory in equations

Theoretical analysis of economics

None

29.

Mathematical economics differs from econometrics because it:

Expresses theory in mathematical form without empirical verification

Uses empirical data

Estimates regression coefficients

Tests hypotheses statistically

None

30.

Which of the following statements best explains the scope of econometrics?

Only theoretical analysis

Only data collection

Testing economic theory with data

To create mathematical models only

None

1 out of 30

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Econometrics-1 Test (2) 5th Regular (2023-2027)

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