Simultaneous Equations Models in Economics
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Questions and Answers

Which of the following best describes simultaneous equations models?

  • Statistical models with dependent variables as functions of independent variables
  • Statistical models with independent variables as functions of other independent variables
  • Statistical models with independent variables as functions of dependent variables
  • Statistical models with dependent variables as functions of other dependent variables (correct)

    • Simultaneity poses challenges for the estimation of statistical parameters because it violates which assumption?

  • Gauss-Markov assumption of strict exogeneity (correct)
  • Gauss-Markov assumption of normality
  • Gauss-Markov assumption of homoscedasticity
  • Gauss-Markov assumption of linearity

    • Is it possible for producers to set the price based on the quantity demanded by consumers?

  • Yes, it is possible (correct)
  • It depends on the type of product
  • No, it is not possible
  • It depends on the market conditions

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