The document describes a final exam for an economics course with 4 parts: - Part A contains 20 true/false questions - Part B contains 40 multiple choice questions - Part C contains 5 work problems where steps must be shown - The exam must be submitted by December 7, 2015 at noon in a scanned file or Word document. Excel files are not acceptable.

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ECO 578
Final Exam There are 4 parts:
Part A: True/ False (1-20)
Part B: Select the correct answer for the following questions (21-40)
Part C: Work Problem (41-52) **All work in part C must be shown step by step** Two
different ways to submit your answer sheet
1. Scan your answer sheet and place it in ONE FILE at drop-box. (preferable)
2. Use MS-Word and place it in a drop-box. **Excel is not acceptable for this test
**Deadline: Monday, December 7, 2015 by noon (CST) **All work in part C must be
shown step by step in order to receive credit Part A: True/ False (1-20)
_______ 1. The usual objective of regression analysis is to predict estimate the value
of one variable
when the value of another variable is known.
_______ 2. Correlation analysis is concerned with measuring the strength of the
relationship between
two variables.

2. _______ 3. The term ei in the simple linear regression model indicates the amount of
change in Y for a
unit change in X.
_______ 4. In the sample regression equation y = a + bx, b is the slope of the
regression line.
_______ 5. The coefficient of determination can assume any value between -1 and +1.
_______ 6. In the least squares model, the explained sum of squares is always smaller
than the
regression sum of squares.
_______ 7. The sample correlation coefficient and the sample slope will always have
the same sign.
_______ 8. Given the sample regression equation y = -3 + 5x, we know that in the
sample X and Y are
inversely related.
_______ 9. Given the sample regression equation y = 5 – 6x, we know that when X = 2,
Y = 17. ECO 578 Fall 2015
Page 2 of 14 _______ 10. An important relationship in regression analysis is =
(Yi Y ) ˆ
ˆ

3. (Y Y ) (Yi Y ) . _______ 11. Regression analysis is concerned with the form of the
relationship among variables,
whereas correlation analysis is conc erned with the strength of the relationship.
_______ 12. The correlation coefficient indicates the amount of change in Y when X
change by one unit.
_______ 13. In simple linear regression analysis, when the slope is equal to zero, the
independent
variable does not explain any of the variability in the dependent variable.
_______ 14. One of the purposes of regression analysis is to estimate a mean of the
independent
variable for given values of the dependent variable.
_______ 15. The variable that can be manipulated by the investigator is called the
independent variable.
_______ 16. When b = 0, X and Y are not related.
_______ 17. If zero is contained in the 95% confidence interval for b, we may reject H
o: b = 0 at the 0.05
level of significance.
_______ 18. If in a regression analysis the explained sum of squares is 75 and the
unexplained sum of
square is 25, r2 = 0.33.

4. _______ 19. In general, the smaller the dispersion of observed points about a fitted
regression line, the
larger the value of the coefficient of determination.
_______ 20. When small values of Y tend to be paired with small values of X, the
relationship between X
and Y is said to be inverse. Part B: Select the correct answer for the following
questions (21
– 40)
_______ 21. The variable about which the investigator wishes to make predictions or
estimates is called
the
a. dependent variable
b. unit of association
c. independent variable
d. discrete variable
_______ 22. In regression analysis, the quantity that gives the amount by which Y
changes for a unit
change in X is called the
a. coefficient of determination

5. b. slope of the regression line
c. Y intercept of the regression line
d. correlation coefficient
_______ 23. In the equation y = b0 +b1 (x), b0 is the
a. coefficient of determination
b. slope of the regression line
c. y intercept of the regression line
d. correlation coefficient ECO 578 Fall 2015
Page 3 of 14 _______ 24. In the equation y = b0 + b1 (x), b1 is the
a. coefficient of determination
b. slope of the regression line
c. y intercept of the regression line
d. correlation coefficient
_______ 25. In regression and correlation analysis, the measure whose values are
restricted to the range
0 to 1, inclusive, is the
a. coefficient of determination
b. slope of the regression line

6. c. y intercept of the regression line
d. correlation coefficient
_______ 26. In regression and correlation analysis, the measure whose values are
restricted to the range
-1 to +1, inclusive, is the
a. coefficient of determination
b. slope of the regression line
c. y intercept of the regression line
d. correlation coefficient
_______ 27. The quantity ˆ
(Yi Y ) 2 is called the _______________ sum of square. a. least
c. total
_______ 28. If, in the regression model,
between X and Y.
a. an inverse
c. a direct b. explained
d. unexplained b1 = 0, we say there is _____________ linear relationship
b. a significant

7. d. no _______ 29. If, in the regression model, b is negative, we say there is
_____________ linear relationship
between X and Y.
a. an inverse
b. a significant
c. a direct
d. no
_______ 30. The _______________ sum of square is a measure of the total variability
in the observed
values of Y that is accounted for by the linear relationship between the observed
values of X and Y.
a. unexplained
b. total
c. error
d. explained
_______ 31. If two variables are not related, we know that ________________.
a. their correlation coefficient is equal to zero.
b. the variability in one of them cannot be explained by the other.
c. the slope of the regression line for the two variables is equal to zero.

8. d. all of the above statements are true.
_______ 32. In simple linear regression analysis, if the correlation coefficient is equal
to 1.0,
______________.
a. the slope is equal to 1.0
b. all the variability in the dependent variable is explained by the independent
variable.
c. the y intercept is equal to 1.0
d. the relationship between the two variables can be described as a bivariable normal
distribution. ECO 578 Fall 2015
Page 4 of 14 _______ 33. The following results were obtained from a simple linear
regression analysis. Total sum of
square = 5.7640. Unexplained sum of square = 0.2225. The coefficient of determination
is ____
a. 0.0402
b. 0.0386
c. 0.9805
d. 0.9614
_______ 34. The following results were obtained as part of a simple linear correlation
analysis: Y = 97.98

9. – 4.33x regression sum of squares = 2680. 27. Error sum of squares = 125.40. Total
sum of squares =
2805.67. The sample correlation coefficient is ____
a. -0.9774
b. 0.9553
c. 0.2114
d. 0.0447
________ 35. The following equation describes the relationship between output and
labor input at a
sample of work stations in a manufacturing plant: ^
Y =2.35+2.20 X . Suppose, for a selected workstation, the labor input is 5. The
predicted output is _____________.
a. 4.55
b. 2.35
c. 2.20
d. 13.35
_______ 36. In regression and correlation analysis, the entity on which sets of
measurements are taken
is called the ______________.

10. a. dependent variable
b. independent variable
c. variables
d. discrete variable
_______ 37. The quantity ^ ´
∑ (Y −Y )2 a. least
c. explained
_______ 38. If, in the regression model,
relationship between X and Y.
a. an inverse
c. a significant is called the _____________ sum of squares.
b. total
d. unexplained b1 is positive, we say there is ____________ linear
b. a direct
d. no _______ 39. If, as X increase, Y tends to increase, we say there is ____________
linear relationship
between X and Y.
a. an inverse

11. b. a direct
c. a significant
d. no