QUESTION ONE

$(25$ MARKS$)$

Write short, hut compreherisible notes to carefully

distinguish the following concepts as used in

econometrics. Give example $($s$)$ where possible to

Substantiate your answers:

Statistical significance and economic significance

b$)$ Population parameter and sample parameter

Null hypothesis and alternative hypothesis

Bconomic model and econometric model

Probability distribution and probabillty density

function