Quant
What is the name given to an equation in which one term is raised to a power greater than 1?
exponential
What type of data includes observations for different entities for which a common set of variables are measured at the same point in time?
cross sectional
What is the name of the linear assumption that assumes the correlation between explanatory variables and the error term is a regression model is 0?
Exogeneity
A variable that takes a value of 0 or 1 depending on a qualitative category is referred to as a _______ variable
dummy
Louisville KY is home to what famous horse race every spring
Kentucky Derby
Mathematically, the slope of a consumer indifference curve for two goods is the ratio of the ________ _________ for those two goods.
marginal utilities
The top part of a fraction is referred to by what term ?
Numerator
In a situation where the variance of the error terms is not constant in a regression model, it is said the model is experiencing ________________.
Heteroskedasticity
Interpret an R^2 value of 0.68
68% of the variance in the dependent variable can be explained by the model.
What is the famous cocktail provided at the Kentucky Derby since 1875
Mint juleps
Given the total cost function: TC = 750 + 10X + .05X^2 what is the equation for marginal cost (MC)?
MC = 10 + 0.1X
______ is the point at which a firm's income matches its expenditures.
break even point
What is the name of the situation that occurs when there is an exact linear relationship between two or more independent variables in a regression model?
Perfect multiollinearity
When using a double log model to estimate a traditional demand model, the coefficient can be interpreted as ______________.
elasticities
What is Kentucky's #1 ag commodity?
Poultry
At 50 units of output, total cost is $4,000 and total variable cost is $3,000. At 50 units of output, what is the value of the average total cost, average variable cost, and average fixed cost, respectively?
ATC = $80, AVC = $60, and AFC = $20
When egg prices increase by 2%, the quantity demanded of eggs decreases by 0.3%. What is the own price elasticity demand for eggs?
0.15%
What test is used to explore autocorrelation among error terms?
Durbin Watson
Which regression statistic can be expressed as the ratio of the regression sum of square and the total sum of squares (SSR/SST)?
R-squared
Kentucky is oftentimes referred to as the ______________ Capital of the World
Horse (yay ponies)
Given the following total cost function, find the marginal cost function
TC = 2Q^2 + 4Q + 46
MC = 4Q + 4
What is the equilibrium price in the following market?
Qs = -5 + 3P
Qd = 10 - 2P
P = 3
What test is used to explore the presence of endogeneity
The Hausman test
Consider the regression equation Y = 2 + 3X. If X = 3, what is the predicted value of Y?
11
what boxing legend was born and raised in Louisville KY
Muhammed Ali