ECN221 Business Statistics Final
Examination
QUESTION 1
1. Concerning the final exam:
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The date and time are listed on
the syllabus. If you fail to show up you will automatically fail the
class.
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The date and time are listed on
the syllabus. If you fail to show up you will still have however many
points you earned on homework, other tests and quizzes and will be graded
based on those points.
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The date and time are not on the
syllabus.
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The exam will be administered in
the Hayden Library.
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1 points
QUESTION 2
1.
Concerning your grade
in the class:
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Grades will be assigned randomly.
Dr. Cox will use a random number generator to assign points and then
make up an entirely new grading scale.
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Your grade depends on how badly
you need a certain score. If you email Dr. Cox repeatedly asking for a
higher grade you will be treated better than other students.
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You can determine your grade by
using the grade calculator that is on Bb and this calculator follows the
policy outlined in the syllabus. All students are treated the same and
grades are based on the number of points each student earned by demonstrating
their knowledge by answering questions correctly.
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It is impossible to figure out
your grade because the syllabus is unclear and the grading policy is so
mysterious.
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1 points
QUESTION 3
1.
For this assignment
you will use data from the World Bank found in the homework data set
on the homework 12 tab. The data on the tab are per capita GDP, per
capita health expenditures and the % on young children immunized for DPT and
the data are for a few different years and many countries. Because the
World Bank does not have data for every variable for every country for every
year there are some missing values in the data. We will deal with this as
we go. You have opened the tab for the data.
True
False
1 points
QUESTION 4
1. Sort the data by 2013 per capita GDP. Be
careful and make sure that all of the data are kept together. How many
countries have a non-missing entry for per capita GDP?
1 points
QUESTION 5
1.
For the countries that
have a non-missing per capita GDP what is the average per capita GDP? Answer to
the nearest dollar (whole number) and do not include
a dollar sign. With all problems you can round up or down.
1 points
QUESTION 6
1. You will run a regression with 2013 per capita
GDP and 2013 per capita health care spending. It seems plausible that in
countries where people have greater income the also spend more on health care.
You will use per capita GDP as the independent or explanatory variable in
your regression and health care spending will be the dependent variable.
However, excel will error out if there are missing values so use only
observations that have both a 2013 per capita GDP and a 2013 per capita
spending on health care. This may mean you either create a new table on a
separate tab or delete some of the observations after sorting. How many
observations will you use in your regression? Hint: it should be 183 and
if it isn’t then you are going to get wrong numbers later.
1 points
QUESTION 7
1.
There is a video on
the videos tab in Bb showing how to run a regression in excel.
True
False
0.5 points
QUESTION 8
1. If you are struggling with this homework
and/or want to check your knowledge before submitting then you can take
advantage of the practice homework.
True
False
0.5 points
QUESTION 9
1. Warning: I have seen students in the
past mix up the dependent and independent variables and this leads to a bunch
of wrong answers. Please be careful and remember that the “Y” variable is
the dependent variable and that the “X” variable is the independent variable.
Use the World Bank data provided to run a regression where 2013 per
capita health care expenditure is the dependent variable and 2013 per capita
GDP is the independent variable. What is R square? Answer to three
decimal places.
1 points
QUESTION 10
1. Use the results from the regression you just
ran with per capita GDP and health care. You already found R square for
this regresion. What is the estimated variance of the error term?
Answer to the nearest integer. Hint this number should be less than
1,000,000.
2 points
QUESTION 11
1. Use the results from the regression you just
ran with per capita GDP and health care. You already found R square for
this regresion. What is the estimated standard deviationof
the error term? Answer to the nearest integer.
2 points
QUESTION 12
1. Using the same regression results what is the
estimated coefficient on per capita GDP? Answer to three decimal places.
2 points
QUESTION 13
1. Use the same regression results where you
already found R square and other results for this regresion. What is the
standard error for the estimated slope of the regression line? Answer
to four decimal places.
2 points
QUESTION 14
1. Use the regression results you have found.
What is the test statistic for a test that the slope of the regression
line is 0? Answer to two decimal places.
2 points
QUESTION 15
1. In the per capita GDP versus per capita health
care expenditure regression that you just ran you fail to reject the hypothesis
that the slope is 0 (i.e. that the per capita GDP has no impact on the amount
spent on health care).
True
False
2 points
QUESTION 16
1. In the regression that you just ran you reject
the hypothesis that the intercept is 0
(as usual assume alpha=.05).
True
False
2 points
QUESTION 17
1. Using the results from the regression you ran,
what is the predicted per capita spending on health care for a country with per
capita GDP of $20,000? Answer to the nearest integer, do not include a dollar
sign, you may round up or down as usual. Hint your answer should be between
100 and 10,000 which is not much of a hint but it tells you if you are way out
of the ballpark.
2 points
QUESTION 18
1. Based on your regression results and your
answer in the previous question using the World Bank data, what happens to per
capita expenditure on health care as per capita GDP increases?
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The total expenditure stays
constant because as the price increases the amount people buy stays the same.
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The total expenditure decreases.
As the per capita GDP increase people are healthier and so they spend less
on health care on average.
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The expenditure increases.
As per capita GDP increases people tend to spend more on health care.
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None of the other answers are
correct.
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2 points
QUESTION 19
1. Which of the following is an assumption we
typically make when performing OLS regression?
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That the variance of the error
term is constant across values of the independent variable.
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That the independent variable has
mean 0.
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That the sum of the squared error
terms is equal to 0.
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The derivative of the MSE with
respect to the error term is positive.
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1 points
QUESTION 20
1. What is the largest possible value that R
square can be?
1 points
QUESTION 21
1. For simple regression the p-value for the F
test will always be smaller than the p-value for the t test for the independent
variable (more precisely, the t test for the null hypothesis that the
coefficient on the independent variable is 0).
True
False
1 points
QUESTION 22
1. Companies and researchers never use software
to perform regression analysis. They always make the calculations by hand
and so using excel or another type of software is just plain silly.
True
False
1 points
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