Econometrics Quiz 1.1 - MinhajMetricsHub

Welcome to your Econometrics Quiz 1.1!

Note: You will be given 20 minutes to solve 25 MCQs. The quiz will be automatically submitted once the time expires.

NAME

The role of mathematics in econometrics is to:

Collect data

Interpret results of economic relationships

Conduct surveys

Express economic theory in equations

None

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

Time-series data

Cross-section data

Panel data

Pooled data

None

Econometricians are mainly interested in:

Statistical inference

Causal inference

Data classification

Descriptive analysis

None

Economic statistics is primarily concerned with:

Hypothesis testing

Collecting and presenting economic data

Causal inference

Estimating regression models

None

Which data is collected directly by the researcher?

Panel data

Primary data

Secondary data

Time series data

None

Residual in regression is calculated as:

Actual − Predicted

Predicted − Actual

Actual - Mean of Y

Slope * X

None

Who coined the term Econometrics?

Lawrence Klein

Ragnar Frisch

Jan Tinbergen

Alfred Marshall

None

Panel data is also known as:

Time-series data

Qualitative data

Combined data

Longitudinal data

None

Econometrics is mainly concerned with:

Qualitative description of economics

Quantitative analysis of economic relationships

Theoretical analysis of economics

Expressing economic theory in equations

None

10.

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

Testing economic theory with data

To create mathematical models only

Only data collection

Only theoretical analysis

None

11.

Which of the following is a limitation of econometrics?

Does not use mathematics

Cannot test theory

Does not provide reliable results

Depends heavily on data quality

None

12.

The first Nobel Prize in Economic Sciences was given to …

Frisch and Klein

Frisch and Tinbergen

Marshall and Tinbergen

Tinbergen and Klein

None

13.

Which field provides numerical estimates of economic relationships?

Econometrics

Mathematical economics

Economic theory

Economic statistics

None

14.

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

Time series data

Primary data

Cross-sectional data

Panel data

None

15.

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

Cross-section data

Panel data

Pooled data

Time-series data

None

16.

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

Qualitative data

Cross-section

Time series

Panel data

None

17.

Economic theory differs from econometrics because economic theory:

Mostly qualitative in nature

Uses only data

Provides numerical estimates

Tests hypotheses empirically

None

18.

A panel is called balanced when:

There is no heterogeneity

All units have same time observations

Variables are stationary

Sample size is large

None

19.

Which of the following is NOT a component of econometrics?

Mathematics

Psychology

Statistics

Economic theory

None

20.

The role of statistics in econometrics is to:

Manage financial records

Develop theories

Express economic theory into equations

Estimate parameters and test hypotheses

None

21.

Which data is already available from published sources?

Secondary data

Primary data

Panel data

Cross-sectional data

None

22.

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

Econometrics is based on economic theory

Econometrics does not use probability

Statistics studies causal inference

Statistics uses data but econometrics not

None

23.

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

GDP of Pakistan from 2000–2020

Monthly rainfall for 10 years I

Income of 100 households in 2024

Inflation rate of Asian countries for 25 years

None

24.

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 with tracking the same units

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

None

25.

Which data type records observations over time for one variable?

Time series data

Cross-section data

Pooled data

Panel data

None

1 out of 25

Congratulations on completing the quiz!

— Department of Economics, Govt. Graduate College Jauharabad