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1
1. A country produces milk and butter, and it has published the following macroeconomic data. Good Milk Butter Year 1 Year 2 Quantity Price Quantity Price 500 2 900 3 2000 1 3000 2 Between Year 1 and Year 2, the percent change in real GDP (based on Year 1 as a base year) was A) 58%. B) 60%. C) 130%. D) 190%.
2 Question 3 1 p Consider a multivariate regression slope coefficient: ß? = Sl_a full B has a ceteris paribus interpretation. It measures how increasing 21 by one unit will affect y, conditional on all other explanatory variables, 22,...,UK. True False
Question 4 1 pts (1) Multivariate model: y = Bo + $121 + B282 (2) Univariate model: y = Bo + B101 (3) B = 1 + B2. where 2 = ïo + 121 In line (3), the term B2Ÿ is known as (select all correct answers ) residual variation confounding heteroskedasticity omitted variable bias Angrist bias
Expert Solution
1 Real Gdp in year 1 = Quantity of the current year x price of the base year which is year 1
Real Gdp in year 1 = (500 x 2)+ (2000x 1) = 1000+2000 = 3000
Real Gdp in year 2 = (900 x 2)+ (3000x1) = 1800+3000 = 4800
Percentage change in Real Gdp = (real Gdp in year 2-real gdp in year 1)/real Gdp in year 1 x 100
= (4800-3000)/3000 x 100
= 1800/3000 x 100
= 60%
2
Q3. Option 1
In a regression equation, beta 1 is a slope value or coefficient which measures or tells about variation in Y, for changes made in x1
Q4. Option 2
Confounding variables are those variable which has an affect on the final dependent variable. Here B2gama1 has confounding effect on y mean.
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