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Questions and Answers
Which of the following best describes simultaneous equations models?
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?
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?
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
