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Multiple Choice Economics

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The presence of autocorrelation leads to all of the following undesirable consequences in the regression results except:

a the least-squares estimates of the regression coefficients will be biased

b the t-statistics may yield incorrect conclusions concerning the significance of the individual independent variables

c overall measures of the goodness-of-fit and explanatory power of the regression model (such as r-square and F-tests)will no longer provide reliable information as to the significance of the economic relationship

d the least-squares procedure will tend to underestimate the sampling variances of the estimates of the regression coefficients

e both a and b

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Multiple Choice Economics

The constant or intercept term in a statistical demand study represents the quantity demanded when all independent variables are equal to:

a. 1.0

b. their minimum values

c. their average values

d. 0.0

e. none of the above

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