# Econometrics-Nature of Econometrics [ISS (Statistical Services) Statistics Paper III]: Questions 1 - 11 of 11

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## Question number: 1

» Econometrics » Nature of Econometrics

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What is National Income?

## Question number: 2

» Econometrics » Nature of Econometrics

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What are the aims of econometrics? How econometrics differ from economic statistics?

### Explanation

The three main aims of econometrics are as follows:

(I) Formulation and specification of econometric models:

The economic models are formulated in an empirically testable form. Several econometric models can be derived from an economic model. Such models differ due to different choice of functional form, specification of stochastic structure of the v

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## Question number: 3

» Econometrics » Nature of Econometrics

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State and explain how to estimate Lorenz Curve.

### Explanation

Let X be the outcome variable of interest (e. g. income). The cumulative distribution function of X is given as and the quantile function (the inverse of the distribution function) is given as with For continuous X, the ordinates of the relative Loren

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## Question number: 4

» Econometrics » Nature of Econometrics

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What do you mean by econometrics?

## Question number: 5

» Econometrics » Nature of Econometrics

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State and explain estimating Concentration Curve.

## Question number: 6

» Econometrics » Nature of Econometrics

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Describe estimation of Demand Function.

## Question number: 7

» Econometrics » Nature of Econometrics

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Describe Lorenz curve.

## Question number: 8

» Econometrics » Nature of Econometrics

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What is the role of CSO?

### Explanation

The Central Statistical Organization (C. S. O) belongs to the Ministry of Statistics and Programme Implementation (MOSPI)

The Central Statistics Office is responsible for coordination of statistical activities in the country, and evolving and maintaining statistical standards

Its activities include National Income Accounting; conduct of Annual Survey

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## Question number: 9

» Econometrics » Nature of Econometrics

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Describe Consumer Demand in detail.

### Explanation

• Consumer demand theory provides insight into an understanding market demand and forms a cornerstone of modern microeconomics
• In particular, this theory analyzes consumer behavior, especially market purchases, based on the satisfaction of wants and needs (that is, utility) generated from the consumption of a good
• A basic version of this theory, primar

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## Question number: 10

» Econometrics » Nature of Econometrics

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What is Consumer Demand Analysis?

### Explanation

Demand is the amount of goods that consumers or buyers are willing and capable to buy for a specific price in a specific time period while everything else remains the same. Demand is an economic principle that describes the willingness and desire of consumers to purchase specific goods or services at a specific Ceteris Paribus (all other things bei

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## Question number: 11

» Econometrics » Nature of Econometrics

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Explain the 4 Methods of Estimating National Income.

### Explanation

There are four methods of measuring national income. Which method is to be used depends on the availability of data in a country and the purpose in hand.

(I) Product Method:

According to this method, the total value of final goods and services produced in a country during a year is calculated at market prices

To find out the GNP, the data of all produ

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