What is Econometrics? - Definition, Principles & Models

Instructions:

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question 1 of 3

Econometrics uses _____ and _____ to identify factors and create models using economic data.

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1. In econometrics, one of the tools used to create a model of a system with multiple inputs is called _____.

2. A researcher wants to create a study to see why a certain area of town has more revenue from tourism than another. What should she use? (Choose the best answer)

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About This Quiz & Worksheet

This worksheet/quiz combo will assess your understanding of econometrics. For the quiz, you'll be answering questions on topics like what econometrics uses to create models and a tool for creating a system model with multiple inputs.

Quiz & Worksheet Goals

Answer questions on these key points:

  • What to use when creating a study regarding tourism in different towns
  • A possible outcome or outcomes of a econometrics study on adopting carbon reducing technology
  • What can be used for a system with a single input

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information from the related lesson on understanding econometrics
  • Information recall - access the knowledge you've gained regarding the application of econometrics to various research studies
  • Knowledge application - use your knowledge to answer questions about systems and models with single and multiple inputs

Additional Learning

For more, review the lesson named What is Econometrics? - Definition, Principles & Models. These study points will be covered:

  • Using econometrics to explain an improvement in poverty rates in two countries
  • What statistical inference is
  • Example of a model representing employment data
  • Application of data from models to improve societies
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