Basic concepts in Econometrics

A dependent variable is also known as a(n):

• Explanatory variable

• Regressor

• Response variable

• Exogeneous variable

Econometrics is a combination of

• Economy and Mathematics

• Economy, Mathematics and Statistics

• Measurement in Economy

• Economy and Statistics

• intercept

• slope

• explanatory variable

• error term

Weather records, economic indicators and patient health evolution metrics are all

• time series data

• cross-sectional data

• panel data

• missing data

• error or disturbance term

• sample error

• residual

• observable variable

Models involving lagged variables are known as

• simultaneous-equation models

• linear models

• static models

• dynamic models

The error term of a regression model may well represent

• errors of measurement

• all other factors that influence the dependent variable but that have not been included in the model

• the wrong selection of the functional form

• (all the answers are correct)

A variable measured at a particular point of time is a

• flow variable

• lagged variable

• stock variable

• independent variable

The diagnostic checking step consists of

• studying the Economic adequacy of the model

• studying the Statistics adequacy of the model

• testing if the model achieves the objectives established at the beginning

• using the model for simulation

What is the first step in the Econometric methodology?

• Specification

• Estimation

• Diagnostic checking

• Validation