Basic to Advanced Econometrics MCQs 1.1

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Crime index, corruption index and unemployment of 30 countries from 2000 to 2023 is an example of:

Panel data

Cross-section data

Pooled data

Time-series data

None

Which data is already available from published sources?

Secondary data

Cross-sectional data

Primary data

Panel data

None

Panel data is also known as:

Qualitative data

Combined data

Longitudinal data

Time-series data

None

A panel is called balanced when:

Sample size is large

Variables are stationary

There is no heterogeneity

All units have same time observations

None

Econometrics is mainly concerned with:

Quantitative analysis of economic relationships

Theoretical analysis of economics

Expressing economic theory in equations

Qualitative description of economics

None

The role of statistics in econometrics is to:

Estimate parameters and test hypotheses

Express economic theory into equations

Manage financial records

Develop theories

None

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

Cross-sectional data

Time series data

Panel data

Primary data

None

Economic theory differs from econometrics because economic theory:

Tests hypotheses empirically

Mostly qualitative in nature

Uses only data

Provides numerical estimates

None

Residual in regression is calculated as:

Predicted − Actual

Actual - Mean of Y

Actual − Predicted

Slope * X

None

10.

The first Nobel Prize in Economic Sciences was given to …

Tinbergen and Klein

Frisch and Tinbergen

Marshall and Tinbergen

Frisch and Klein

None

11.

Economic statistics is primarily concerned with:

Collecting and presenting economic data

Estimating regression models

Hypothesis testing

Causal inference

None

12.

Which of the following best describes pooled data?

Data collected at single point int time for several units

Data collected over time for single entity

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

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

None

13.

Data containing observations on same several units over several time periods is called:

Time series

Qualitative data

Cross-section

Panel data

None

14.

Which field provides numerical estimates of economic relationships?

Economic theory

Economic statistics

Econometrics

Mathematical economics

None

15.

Who coined the term Econometrics?

Ragnar Frisch

Alfred Marshall

Jan Tinbergen

Lawrence Klein

None

16.

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

17.

The role of mathematics in econometrics is to:

Interpret results of economic relationships

Collect data

Conduct surveys

Express economic theory in equations

None

18.

Which data is collected directly by the researcher?

Time series data

Secondary data

Primary data

Panel data

None

19.

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

To create mathematical models only

Testing economic theory with data

Only theoretical analysis

Only data collection

None

20.

Data on Quarterly GDP of Pakistan from 2020 to 2024 is an example of:

Cross-section data

Time-series data

Panel data

Pooled data

None

21.

Which of the following is an example of cross-sectional data?

Monthly rainfall for 10 years I

GDP of Pakistan from 2000–2020

Inflation rate of Asian countries for 25 years

Income of 100 households in 2024

None

22.

Which of the following is a major difference between econometrics and statistics?

Econometrics does not use probability

Statistics studies causal inference

Econometrics is based on economic theory

Statistics uses data but econometrics not

None

23.

Which of the following is NOT a component of econometrics?

Mathematics

Psychology

Economic theory

Statistics

None

24.

Which data type records observations over time for one variable?

Time series data

Cross-section data

Panel data

Pooled data

None

25.

Econometricians are mainly interested in:

Causal inference

Descriptive analysis

Data classification

Statistical inference

None

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