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ECN221 Business Statistics Final ExaminationQUESTION 1Concerning the final exam: The date and time are listed on the syllabus. If you fail to show up you will automatically fail the class. 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. The date and time are not on the syllabus. The exam will be administered in the Hayden Library. 1 pointsQUESTION 2Concerning your grade in the class: 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. 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. 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. It is impossible to figure out your grade because the syllabus is unclear and the grading policy is so mysterious. 1 pointsQUESTION 3For 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. TrueFalse1 pointsQUESTION 4Sort 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 pointsQUESTION 5For 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 pointsQUESTION 6You 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 pointsQUESTION 7There is a video on the videos tab in Bb showing how to run a regression in excel. TrueFalse0.5 pointsQUESTION 8If you are struggling with this homework and/or want to check your knowledge before submitting then you can take advantage of the practice homework. TrueFalse0.5 pointsQUESTION 9Warning: 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 pointsQUESTION 10Use 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 pointsQUESTION 11Use 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 pointsQUESTION 12Using the same regression results what is the estimated coefficient on per capita GDP? Answer to three decimal places. 2 pointsQUESTION 13Use 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 pointsQUESTION 14Use 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 pointsQUESTION 15In 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). TrueFalse2 pointsQUESTION 16In the regression that you just ran you reject the hypothesis that the intercept is 0 (as usual assume alpha=.05). TrueFalse2 pointsQUESTION 17Using 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 pointsQUESTION 18Based 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? The total expenditure stays constant because as the price increases the amount people buy stays the same. The total expenditure decreases. As the per capita GDP increase people are healthier and so they spend less on health care on average. The expenditure increases. As per capita GDP increases people tend to spend more on health care. None of the other answers are correct. 2 pointsQUESTION 19Which of the following is an assumption we typically make when performing OLS regression? That the variance of the error term is constant across values of the independent variable. That the independent variable has mean 0. That the sum of the squared error terms is equal to 0. The derivative of the MSE with respect to the error term is positive. 1 pointsQUESTION 20What is the largest possible value that R square can be? 1 pointsQUESTION 21For 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). TrueFalse1 pointsQUESTION 22Companies 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. TrueFalse1 points

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