Thought questions on describing the strengths, limitations, and uses of econometric models. Please provide short, targeted answers in your own words (2-3 sentences). Do not copy formulas as the complete explanation. I want to know if you can explain the following concepts to non-econometricians. a. What is the method of ordinary least squares? b. Ordinary least squares estimators have important properties called BLUE. Please describe these properties. c. What is linear in a linear econometric model? (Hint: variables or parameters). Give Examples d. What is a multiple regression model? Give an example e. Why do we use both t and F statistics to validate a multiple regression model? f. When do you use dummy variables? Give at least three examples. They do not have to be equations. g. What is a semi-log model and when do you use it? Give a simple example h. What is a double-log model and when do you use it? Give a simple example i. Can you comparer-squares from a “levels” and a double-log model? Explain your answer. j. Why do you examine the residuals of a regression model?
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