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Final

2012-08_FinalS_.pdf

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Department
Economics
Course
ECO220Y1
Professor
Victor Yu
Semester
Summer

Description
ECMB12H3Y L01 L60 Quantitative Methods in Economics II Final ExaminationThursday August 23 2012 24 pm Instructor Victor YuLast Name Print SolutionFirst Name PrintStudent NumberCircle your sectionL01 Wednesday9L60 Online Deferred ExamAids allowedCalculator and two aid sheets four 85x11 pageswritten or typed on both sidesTime allowed Two 2 hoursThis exam consists of 20 questions in 15 pages including this cover pageIt is the students responsibility to hand in a complete examAny missing page will get a zero mark 2 Statistical table Standard Normal tand Fare provided separatelyShow your work in part 2No marks will be given if you do not show your workThis exam is worth 40 of your course grade Do not write on the space below for markers only Page Question Max Mark 29 117 5110 18abc 151112 19abc 151315 20abcd 19 Total 100 1 Part 1Multiple Choice 3 marks each no part marks51 marks in total1 Suppose thatis tested againstwhereis the mean of a H55H01populationIfis rejected at a 5 significance level which one of the H0following statements is true a The probability of a type II error must be equal to 095bmust be rejected at 10 significance level H0c The probability of making a wrong conclusion is 005 d The probability committing a type II error is 095 e None of the above is true2 When the true value under the alternative hypothesis shifts closer to the value under the null hypothesis while the critical value stays the same a The power of the test decreasesb The power of the test increases c Probability of Type I error increasesd Probability of Type I error decreasese Probability of Type II error decreases 3 You are to conduct hypothesis testing for a population mean Your research assistant incorrectly memorized the formula for sample standard errors causing him to always calculate standard errors to be larger than what they really are Suppose the point estimate of the population mean is correctly calculated If you do not find out about his systematic mistakes what consequences will they have on the results of your testsa You will tend to reject the null hypothesis more often than you actually should b You will tend to reject the null hypothesis less often than you actuallyshouldc There will be no effect on the results of your testsd Your tests will always result in type I errore Your tests will always result in type II error 2
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