3. A random draw (with replacement) of 1000 balls from a pool of several million balls is conducted. Each ball is either blue or red. Let p denote the fraction of blue balls in the population. Let denote the fraction of blue balls in the sample. You want to test the competing hypotheses Ho: p = 0.4 vs. H1: p≠0.4. Suppose that you decide to reject. Note that the sample of 1000 balls is considered as a large sample. What is the type I etror of this test? (A)0.197 (B) 0.261 (C) 0.325 (D) 0.413 (E) 0.522

8. Which of the following is false? (A)If all Gauss-Markov conditions are satisfied, the OLS estimators have the lowest conditional variance among all linear conditionally unbiased estimators. (B) If not all Gauss-Markov conditions are satisfied, the OLS estimators are biased. (C) If the regression error ui is conditionally heteroscedastic, the OLS estimators can still be consistent. (D) If the conditional variance of ui is heteroscedastic and its functional form is known and can be estimated exactly, we may prefer a weighted least square estimator to an OLS estimator because of the efficiency consideration. (E) None of the above choices (a)-(d).

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