School of Distance Education

SCHOOL OF DISTANCE EDUCATION

UNIVERSITY OF CALICUT
QUESTION BANK

MA ECONOMICS (CBCSS)
III SEMESTER
Core Course-XI
ECO3 C11 - BASIC ECONOMETRICS
2019 Admission onwards

MULTIPLE CHOICE QUESTIONS

UNIVERSITY OF CALICUT
SCHOOL OF DISTANCE EDUCATION
Calicut University (P.O), Malappuram, Kerala, India 673635

Prepared by,
Dr. Raseena K K
Assistant Professor of Economics
Sri C Achutha Menon Government College, Thrissur

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1) The number of Explanatory variables in a simple regression is….

a) One b) Zero c) Two d) More than Two

2) Variance Inflation Factor is used for…

a) Detecting Hetroscedasticity b) Solving Hetroscedasticity

c) Detecting Multi-collinearity d) Solving Multi-collinearity

3) If the value of Durbin-Watson’s d stastic = 0, there is.....

a) No Auto-correlation b) Positive Auto-correlation

c) Negative Auto-correlation d) None of these

4) For a symmetric distribution, Skewness is,

a) 1 b) 0 c) 3 d) 2

5) In a two variable regression, Y is the dependent variable and X is the independent

variable. The correlation coefficient between Y and X is 0.8. For this, which of the
following is correct?

a) 8% of variations in Y are explained by X

b) 64% of variations in Y are explained by X

c) 0.8% of variations in Y are explained by X

d) 80% of variations in Y are explained by X

6) E (Ui,Uj) = 0, when i≠j is termed as,

a) Hetroscedasticity b) Multi-collinearity

c) No Auto-Correlation d) Homoscedasticity

7) The book ‘Econometric Theory’ was authored by…..

a) T C Koopman b) Arther S Goldberger c) H. Theil d) J R N Stone

8) Explanatory Variable is also known as………

a) Regressor b) Explained Variable

c) Response Variable d) Dependant Variable

9) The assumption of homoscedasticity was expressed as…..

a) E(Ui)2 = σi2 b) E(Ui)2 = σ2 c) E(Ui)2 = 0 d) E(Ui) = 0

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10) Choose the correct one from the following

a) 0 ≤ r2 ≤ 1 b) 0 < r2 < 1 c) 0 ≥ r2 ≥1 d) 0 > r2 > 1

11) The name ‘Econometrics’ was coined by…….

a) Irving Fischer b) J.M Keynes c) Ragnar Frisch d) Alfred Marshall

12) Choose the correct one from the following

a) r2 = TSS/RSS b) r2 = RSS/TSS c) r2 = ESS/TSS d) r2 = TSS/ESS

13) Regressor is also known as………

a) Explanatory Variable b) Explained Variable

c) Response Variable d) Dependant Variable

14) The combination of Time series and Cross section data is termed as…..

a) Primary data b) Secondary data c) Panel data d) None of these

15) The problem of hetroscedasticity was expressed as…..

a) E(Ui)2 = σi2 b) E(Ui)2 = σ2 c) E(Ui)2 = 0 d) E(Ui) = 0

16) The property of an estimator E(β^1) = β1 is termed as….

a) Linearity b) Unbiasedness c) Efficiency d) Accuracy

17) The standard deviation of the sampling distribution of an estimator is…..

a) t value b) RSS c) Standard Error d) r2

18) Park Test is used for what purpose?

a) Detecting Hetroscedasticity b) Solving Hetroscedasticity

c) Detecting Multi-collinearity d) Solving Multi-collinearity

19) If the value of Durbin-Watson’s d stastic = 2, the value of Co-efficient of auto-

correlation is…..

a) One b) Zero c) Two d) More than Two

20) E (Ui,Uj) ≠ 0, when i≠j is termed as,

a) Hetroscedasticity b) Multi-collinearity

c) Auto-Correlation d) Homoscedasticity

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21) In a two variable regression, Y is the dependent variable and X is the independent
variable. The correlation coefficient between Y and X is 0.7. For this, which of the
following is correct?

a) 7% of variations in Y are explained by X

b) 49% of variations in Y are explained by X

c) 0.7% of variations in Y are explained by X

d) 70% of variations in Y are explained by X

22) Which of the following pair is not correctly matched?

a) Durbin’s h test – Autocorrelation in autoregressive models
b) Dicky- Fuller test – Hetroscedasticity
c) F test – Overall significance of the regression model
d) Distributed lag models – Koyck approach
23) Type I error is:
a) Failing to reject null hypothesis when it is false
b) Rejecting the null hypothesis when it is true
c) Rejecting the null hypothesis when it is false
d) None of the above

24) Partial correlations are useful indicator of:

a) Multicollinearity
b) Autocorrelation
c) Hetroscedasticity
d) Normality

25) WLS is used to correct for:

a) Multicollinearity
b) Autocorrelation
c) Hetroscedasticity
d) Correlation

26) A linear function has:

a) Varying Slope and constant elasticity
b) Varying Slope and varying elasticity
c) Constant Slope and constant elasticity
d) Constant Slope and varying elasticity

27) In a regression model, Y= a+bX+ui:

a) Y is the regressor; X is the explanatory variable

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b) Y is the regressant; X is the explanatory variable

c) Y is the independent variable; X is the dependent variable
d) Y is the independent variable; X is the outcome variable

28) Degree of freedom refers to:

a) Number of observations minus number of constraints
b) Number of observations plus number of constraints
c) Number of constraints minus number of observations
d) None of the above

29) Consider two regression models (1 and 2) with R2 of 0.52 and 0.89 respectively.
Which among the following statements is true?
a) Goodness of fit in regression 1 is more than that of 2
b) Goodness of fit in regression 2 is more than that of 1
c) Both (a) and (b) are true
d) None of the above

30) Linear Regression is estimated through:

a) MLE b) FIML c) PIML d) OLS

31) Given regression co-efficient b= 2 and standard error of 0.5, the value of t ratio is:
a) 2 b) 4 c) 1 d) 2.5

32) Exact level of significance is obtained through:

a) F- ratio b) t- ratio c) Chi-square d) p- value

33) The NSSO data sets are:

a) Cross section data
b) Time series data
c) Panel data
d) Pooled data

34) Level of confidence is equal to:

a) 100%
b) 100% + level of significance
c) 100% - level of significance
d) 5%

35) An example of an econometric software :

a) Adobe Photoshop
b) SPSS
c) Microsoft Word
d) None of the above

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36) In Linear Probability Model, the:

a) Regressand is dichotomous
b) Regressand is ordinal variable
c) Regressor is dichotomous
d) Regressor is ordinal

37) The distribution underlying the probit model is:

a) Normal distribution
b) Logistic distribution
c) Chi-square
d) F distribution

38) Which of the following is a multi-collinearity diagnostic?

(a) Condition Index.
(b) Park test.
(c) Glejser tes.
(d) Durbin's m test.

39) Regressionn models containing a mixture of quantitative and qualitative variables are
called :
(a) ANOV A models.
(b) ANCOVA models.
(c) Parallel regressions.
(d) Coincident regressions.

40) The Structural break in a data set is tested by :

(a) Runs test. (b) Lagrange multiplier test.
(c) Chow test. (d) Von-Neumann ratio test.

41) Dropping a variable from a model may lead to what is called :

(a) Specification error. (b) Sampling error.

(c) Measurement error. (d) Standard error.

42) In the k-variable case, the main diagonal elements in the simple correlation matrix are
all :
(a) Zero. (b) One
(c) Less than One. (d) More than one.

43) The likelihood ratio test is related to:

(a) Maximum likelihood method.
(b) Ordinary least squares method.
(c) Likelihood method.
( d) Generalised least squares method.

44) The test to find out whether the error term follows a normal distribution is the :
(a) F-test. (b) Error test.

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(c) Normality test. (d) t - test.

45) Which of the following models is used to regress on dummy dependent variable ?
(a) The LPM model. (b) The tobit model.
(c) The logit model. (d) All of the above.

46) In statistics the reliability of an estimate is measured by its:

(a) Standard error. (b) Student t value.
(c) F value. (d) p-value.

47) In a semi-log model of type log Yi = βXi the co-efficient β stands for the :
(a) Slope. (b) Slope and Elasticity.
(c) Elasticity. (d) Growth rate.

48) Which of the following is used to detect specification errors?

(a) The Park test. (b) Ramsey's RESET test.
(c) Chow test. ( d) The Runs test.

49) What is the meaning of the term 'heteroscedasticity'?

(a) The variance of the errors is not constant.
(b) The variance of the dependent variable is not constant.
(c) The errors are not linearly independent of one another.
(d) The errors have non-zero mean.

50) When a linear function is fitted to non-linear data set it will result in?
(a) Specification error. (b) Sampling error.
(c) Measurement error. (d) None of the above.

51) What will be the properties of the OLS estimator in the presence of multi collinearity?
(a) It will be consistent, unbiased but not efficient.
(b) It will be consistent and unbiased and efficient.
(c) It will be consistent but not unbiased.
(d) It will be consistent.

52) If the mean and variance of time series do not vary systematically overtime it is called
a) Stationary (b) Ra ndom.
c) Non- Stationary (d ) Non-Random.

53) In the model ΔY = βΔX, the parameter β stands for the :

(a) Slope. (b) Slope and Elasticity.
(c) Elasticity. (d) Growth rate.

54) The ratio of Total Sum of Squares and Explained Sum of Squares is :
(a) Co-efficient of correlation. (b) Co-efficient of determination.
(c) Co-efficient of variation. (d) Co-efficient of co-variation.

55) The lowest significance level at which a null hypothesis can be rejected is:
(a) F value. (b) t value.
(c) p-value. (d) R square value.

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56) Which of the following is not a formal method of detecting hetroscedasticity ?

(a) Spearman's rank correlation test. (b) P ark test.
(c) Glejser test. (d) Durbin's m test.

57) Which of the following theorem is utilised to Justify the normality assumption of
random variable in regression model ?
(a) Euler's theorem. (b) Chebyshev's theorem.
(c) Gauss-Markov theorem. (d) Central limit theorem.

58) The Runs test used to detect autocorrelation is:

(a) Parametric t est. (b) Non-parametric test.
(c) Equivalent test. (d) Hypothesis test.

59) when one or more of the regressors are linear combinations of the other regressors, it is
called
(a) Autocorrelation. (b) Heteroscedastity.
(c) Multicollinearity. (d) Serial correlation.

60) Plotting the residuals against time is termed as the :

(a) Time sequence plot. (b) Box plot.
(c) Scatter plot. (d) Stem and leaf plot.

61) As a rule of thumb, a variable is said to be highly collinear if the Variance Inflation
Factor (VIF) is :
(a) Exactly 10. (b) Exceeds 10.
(c) Less than 10. (d) None of the above.

62) Which one of the following is not an example of mis-specification of functional form
a) Using a linear specification when a double logarithmic model would be more
appropriate
b) Modelling as a function of 1 when in fact it is scaled as a function of x square
c) Modelling Y as a function of X when in fact it scales as a function of 1 by X
d) Excluding a relevant variable from a linear regression model

63) The meaning of linearity in regression theory is that it is

a) Linear in variables
b) Linear in variables non linear in parameters
c) Linear in parameters
d) Linear in variables and parameters

64) What would be the consequences of OLSestimator if heteroscedasticity is present in a

reggressive model but ignored
a) It will be biased
b) It will be consistent
c) It will be inefficient

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d) All of a, b and c will be true

65) The number of independent values assigned to a statistical distribution is called

a) Degrees of freedom
b) Goodness of fit
c) Trial and error
d) None of the above

66) In the regression function y=α + βx +c

a)x is the regressor
b)y is the regressor
c)x is the regressand
d)none of these

67) The full form of CLR is

a)Class line ratio
b)Classical linear regression
c)Classical linear relation
d) none of the above

68) Information about numerical values of variables from period to period is

a)Time series data
b)Cross-section data
c)Pooled data
d)Panel data

69) Data on one or more variables collected at a given point of time

a)Time series data
b)Cross-section data
c)Pooled data
d)Panel data

70) Consider the following statements and choose the correct answer
i)Pooled data imply combination of time series and cross sectional data.
ii) Panel data is special type of pooled data in which the same cross-section unit is
surveyed over time
a)Only a is correct
b)Only b is correct
c)Both a and b are wrong
d)Both a and b are correct…

71) Rejecting a true hypothesis results in this type of error

a. Type I error
b. Type II error

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c. Structural error
d.Hypothesis error

72) Accepting a false hypothesis results in this type of error

a. Type I error
b. Type II error
c. Structural error
d. Hypothesis error

73) What is the meaning of the term "heteroscedasticity"?

a)The variance of the errors is not constant
b)The variance of the dependent variable is not constant
c) The errors are not linearly independent of one another
d)The errors have non-zero mean

74) What would be then consequences for the OLS estimator if heteroscedasticity is
present in a regression model but ignored?
a) It will be ignored
b) It will be inconsistent
c) It will be inefficient
d)All of a),c), b) will be true.

75) Near multicollinearity occurs when

a)Two or more explanatory variables are perfectly correlated with one another
b)The explanatory variables are highly correlated with the error term
c)The explanatory variables are highly correlated with the dependent variable
d)Two or more explanatory variables are highly correlated with one another

76) Including relevant lagged values of the dependent variable on the right hand side of a
regression equation could lead to which one of the following?
a)Biased but consistent coefficient estimate
b)Biased and inconsistent coefficient estimate
c) Unbiased but inconsistent coefficient estimate
d) Unbiased and consistent but inefficient coefficient estimate

77) Which one of the following is NOT a plausible remedy for near multicollinearity?
a)Use principal components analysis
b)Drop one of the collinear variables
c)Use a longer run of data
d)Take logarithems of each of the variables

78) What will be the properties of the OLS estimator in the presence of multicollinearity?
a) It will be consistent unbiased and efficient
b) It will be consistent and unbiased but not efficient

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c)It will be consistent but not unbiased

d) It will not be consistent

79) Which one of the following is NOT an example of mis- specification of functional
form?
a) Using a linear specification when y scales as a function of the squares of x
b) Using a linear specification when a double-logarathimic model would be more
appropriate
c) Modelling y as a function of x when in fact it scales as a function of 1/x
d) Excluding a relevant variable from a linear regression model

80) If the residuals from a regression estimated using a small sample of data are not
normally distributed, which one of the following consequences may arise?
a)The coefficient estimate will be unbiased inconsistent
b)The coefficient estimate will be biased consistent
c)The coefficient estimate will be biased inconsistent
d)Test statistics concerning the parameter will not follow their assumed distributions

81) The assumption that the error terms in a regression model follow the normal
distribution with zero mean and constant variance is required
a)Point estimation of the parameters
b)Hypothesis testing and inference
c)Estimation of the regression model using OLS method
d)Both a and b

82) One of the assumption of CLRM is that the number of observations in the sample must
be greater the number of
a)Regressor b)Regressands
c)Dependent variable d)Dependent and independent variable

83) If there exist high multicollinearity, then the regression coefficients are,
a) Determinate b)Indeterminate
c)Infinite values d)Small negative values

84) If multicollinearity is perfect in a regression model then the regression coefficients of

the explanatory variables are
a) Determinate b)Indeterminate
c)Infinite values d)Small negative values

85) If multicollinearity is perfect in a regression model the standard errors of the

regression coefficients are
a) Determinate b)Indeterminate
c)Infinite values d)Small negative values

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86) In a regression model with multicollinearity being very high, the estimators
a Are unbiased
b. Are consistent
c. Standard errors are correctly estimated
d All of the above

87) Multicollinearity is essentially a

a. Sample phenomenon b. Population phenomenon
c. Both a and b d. Either a or b

88) Which of the following statements is NOT TRUE about a regression model in the
presence of multicol-linearity
a. t ratio of coefficients tends to be significantly
b. R2 is high
c. OLS estimators are not BLUE
d. OLS estimators are sensitive to small changes in the data

89) Which of these is NOT a symptom of multicollinearity in a regression model

a. High R2 with few significant t ratios for coefficients
b. High pair-wise correlations among regressors
c. High R2 and all partial correlation among regressors
d. VIF of a variable is below 10

90) A sure way of removing multicollinearity from the model is to

a. Work with panel data
b. Drop variables that cause multicollinearity in the first place
c. Transform the variables by first differencing them
d. Obtaining additional sample data

91) Assumption of 'No multicollinearity' means the correlation between the regressand and
regressor is
a. High b. Low
C. Zero d. Any of the above

92) Multicollinearity is limited to

a Cross-section data b. Time series data
c. Pooled data d. All of the above

93) As a remedy to multicollinearity, doing this may lead to specification bias

a. Transforming the variables
b. Adding new data
C. Dropping one of the collinear variables
d. First differencing the successive valucs of the variable

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94) F test in most cases will reject the hypothesis that the partial slope coefifcients are
simultaneously equal to zero. This happens when
a. Multicollinearity is present
b. Multicollinearity is absent
c. Multicollinearity may be present OR may not be present
d. Depends on the F-value

95) Heteroscedasticity is more likely a problem of

a)Cross-section data b)Time series data
c)Pooled data d)All of the above

96) The coefficient estimated in the presence of heteroscedasticity are NOT

a)Unbiased estimators b) Consistent estimators
c)Efficient estimators d)Linear estimators

97) Even if heteroscedasticity is suspected and detected, it is not easy to correct the
problem. This statement is
a)True b)False
c)Sometimes true d)Depends on test statistics

98) Which of the following is NOT considered the assumption about the pattern of
heteroscedasticity
a. The error variance is proportional to Xi
b. The error variance is proportional to Yi
c.The error variance is proportional to Xi2
d. The error variance is proportional to the square of the mean value of Y

99) Heteroscedasticity may arise due to various reasons. Which one of these is NOT a
reason
a) Extremely low or high values of X and Y coordinates in the dataset
b) Correlation of variables over time
c)Incorrect specification of the functional form of the model
d)Incorrect transformation of variables

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100) The regression coefficient estimated in the presence of autocorrelation in the

sample data are NOT
a. Unbiased estimators b. Consistent estimators
c Efficient estimators d. Linear estimators

101) Estimating the coefficients of regression model in the presence of

autocorrelation leads to this test being NOT valid
a)t test b)F test
c)Chi-square test d) All of the above

102) There are several reasons for serial correlation to occur in a sample data.
Which of these is NOT
a). Business cycle b). Specification bias
c) Manipulation of data d). Stationary data series

103) When supply of a commodity, for example agricultural commodities, react to

price with a lag of one time period due to gestation period in production, such a
phenomenon is referred to as
a. Lag phenomenon b. Cobweb phenomenon
c. Inertia d. Business cycle

104) If in our regression model, one of the explanatory variables included is the
lagged value of the dependent variable, then the model is referred to as
a. Best fit model b. Dynamic model
C. Autoregressive model d. First-difference form

105) A time series sample data is considered stationary if the following

characteristics of the series are time invariant:
a. Mean b. Variance
c. Covariance d. All of the above

106) By autocorrelation we mean

a) That the residuals of a regression model are not independent
b) That the residuals of a regression model are related with one or more of the
regressors
c) That the squared residuals of a regression model are not equally spread
d That the variance of the residuals of a regression model is not constant for all
observations

107) Locus of the conditional mean of the dependent variable for the fixed values
of the explanatory variable
a)Indifference curve b)Population regression curve
c)Production Possibility curve d)None of these.

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108) Sample regression function is the estimated version of the___________

a)Estimated version of population regression function
b)Estimated version of population correlation function
c)Not an estimated version of population regression function
d)Both b and c

109) Full form of OLS

a)Ordinary least square method
b)Ordinary least statistical method
c)Ordinary least sample method
d) Both b and c

110) The conditional mean of Y is

a) The expected value of Y for given values of the independent variables, Xi
b) The expected value of Y for given values of the independent variables, ui.
c) The expected value of Y for given values of the independent variables, Yi.
d)Both b and c

111) The coefficient of determination, r2 shows.

a) Proportion of the variation in the dependent variable Y is explained by the
independent variable X….ans
b) Proportion of the variation in the dependent variable X is explained by the
independent variable Y
c) Proportion of the variation in the dependent variable ui is explained by the
independent variable X
d)Both a and c

112) An estimate is
a) The numerical value obtained after applying a formula to a given data set
b) The p value obtained after applying a formula to a given data set
c) The table value obtained after applying a formula to a given data set
d) The correlation coefficient obtained after applying a formula to a given data set

113) Student ‘t’ test was formulated by

a)William Sealy Gosset b)Carl Friedrick Gauss
c)Durbin Watson d) Both b and c

114) BLUE is
a)Best Linear Unbiased Estimator
b)Best Linear Unconditional Estimator
c)Basic Linear Unconditional Estimator
d)Both b and c

115) Spatial autocorrelation is

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a)The error term pertaining to one household or firm is correlated with the error term
of another household or firm through space
b) The dependent variable pertaining to one household or firm is correlated with the
error term of another household or firm through space
c) The independent variable pertaining to one household or firm is correlated with the
error term of another household or firm through space
d)Both a and c

116) The statistical properties of OLS estimators are

a)Linearity, Unbiasedness, and minimum variance
b) Linearity and Unbiasedness
c) Unbiasedness, and minimum variance
d) Linearity and minimum variance

117) Method of ordinary least square is attributed to

a)Carl Friedrick Gauss b)William Sealy Goss
c)Durbin Watson d) Both b and c

118) The violation of the assumption of constant variance of the residual is known
as
a)Heteroscedasticity b)Homoscedasticity
c)Both a and b are correct d)Both a and b are wrong

119) Multicollinearity is used to denote,

a)The presence of linear relationships among explanatory variables
b) The presence of non-linear relationships among explanatory variables
c) The presence of linear relationships among dependent variables
d) The presence of linear relationships among endogenous variables

120) Hoomoscedasticity means

a)Constant variance b)Minimum variance
c)Maximum variance d)Zero variance

121) Specification bias or specification error means

a)Leaving out important explanatory variables
b)Including unnecessary variables
c)Choosing the wrong functional form between Y and X variables
d)All of the above

122) CLRM full form

a)Classical linear regression model…
b)Classical linear regression method
c)Classical linear relationship model

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d)Classical linear relationship method

123) Assumptions under CLRM

a)Linear in parameters…
b)Non linear in parameters
c)X values dependent on error term
d)Positive mean value of disturbance term

124) Assumptions under CLRM

a)Constant variance
b)Heteroscedasticity
c)Autocorrelation between the error terms
d) Autocorrelation between dependent and independent variables

125) The term regression was coined by

a)Francis Galton b)Karl pearson
c)Carl Friedrick Gauss.. d)William Sealy Goss

126) Given the sample, each estimator will provide only a single point value of the
relevant population parameter is
a)Point estimator b)Interval estimator
c)Least square estimator d)Both b and c

127) Assumption of CLRM

a)No Autocorrelation between error term
b)Positive correlation
c)Negative correlation
d)Both b and d are correct

128) Reliability of a point estimation is measured by its

a) Standard deviation b) Standard normal curve
c) Standard error d) Coefficient of determination

129) Standard error of an estimator is a measure of

a) Population estimator
b) Precision of the estimator
c) Power of the estimator
d) Confidence interval of the estimator

130) The statement that-There can be more than one SRF representing a population
regression function is
A) Always true b) Always false
c) Sometimes true, sometimes false d) Nonsense statement

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Answer Key
1. a 2. c 3. c 4. b 5. b 6. c 7. b 8. a 9. b 10. a
11. c 12. c 13. a 14. c 15. a 16. b 17. c 18. a 19. b 20. c
21. b 22. b 23. b 24. a 25. c 26. d 27. b 28. a 29. b 30. d
31. b 32. d 33. a 34. c 35. b 36. a 37. a 38. a 39. b 40. c
41. a 42. b 43. a 44. c 45. d 46. a 47. d 48. b 49. a 50. a
51. b 52. a 53. c 54. b 55. b 56. d 57. c 58. b 59. c 60. a
61. b 62. d 63. c 64.c 65. a 66. a 67. b 68. a 69. b 70. d
71. a 72. b 73. a 74. c 75. d 76. a 77. d 78. a 79. d 80. d
81. b 82. a 83. a 84. b 85. c 86. a 87. a 88. c 89. d 90. b
91. d 92. d 93. c 94. b 95. a 96. c 97. a 98. b 99. a 100. c
101. d 102. d 103. b 104. c 105. d 106. a 107. b 108. a 109. a 110. a
111. a 112. a 113. a 114. a 115. a 116. a 117. a 118. a 119. a 120. a
121. d 122. a 123. a 124. a 125. a 126. a 127. a 128. c 129. b 130. a

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