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Critically evaluate the following statements:
a. "In fact, multicollinearity is not a modeling error. It is a condition of de?cient data."*
b. "If it is not feasible to obtain more data, then one must accept the fact that the data one has contain a limited amount of information and must simplify the model accordingly. Trying to estimate models that are too complicated is one of the most common mistakes among in- experienced applied econometricians."
c. "It is common for researchers to claim that multicollinearity is at work whenever their hypothesized signs are not found in the regres- sion results, when variables that they know a priori to be important have insigni?cant t values, or when various regression results are changed substantively whenever an explanatory variable is deleted. Unfortunately, none of these conditions is either necessary or suf?- cient for the existence of collinearity, and furthermore none provides any useful suggestions as to what kind of extra information might be required to solve the estimation problem they present."‡
d. ". . . any time series regression containing more than four indepen- dent variables results in garbage."*
Why are some of the thoughts and actions of the above noted economists classified as classical, keyesian or monetarist
A small monopoly manufacturer of widgets has a constant marginal cost of $20. The demand for this firm's widgets.
Management considers the $25 price to be optimal and necessary to meet the competition. What price should the firm set for the Fancy label to achieve an optimal price ratio?
problem 1nbsp consider a linear model to explain monthly beer consumptionwrite the transformed equation that has a
Normal 0 false false false EN-US X-NONE X-NONE Suppose the federal governm..
Comcast and Verizon are considering which services to offer customers in the Nashville region.
Analyze the different stakeholders (i.e., government, three affected parties) that are involved in the externality, and identify what their roles are with regard to the externality.
Is current U.S.Monetary Policy expansionary or restrictive?Do YOU think that current U.S. Fiscal and Monetary policies should be expansionary or contractionary? Briefly indicate why YOU think this way.
Draw a graph how hot weather affects the market equilibrium pice and quantity of gas - during the Summer of 2012 the US experienced record hot temperatures.
Explain the practical effect of price controls on product and service availability, quality and true cost. What is the full impact of rent controls? On whose behalf are they imposed? Who are the winners and who are the losers?
There are two distinct sectors: taxidermists (X) and tap dancers (T). It is surprising that there is complete labor mobility between the two sectors. There are 200 equally talented workers who supply their labor in elastically. The demand for taxider..
In 2000, the Federal Reserve took policy measure to slow down economy. this decision generated some controversy since the actual inflation rate was below 3%. Justify the Fed's move. in this regard, where did they think the actual level of US real GDP..
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