Econometrics: On the island of Econometrica there are 4 racial groups. We have collected data on...
Econometrics: On the island of Econometrica there are 4 racial groups. We have collected data on wages from everyone in the island and we want to run a regression to find the wage differences. How many racial group dummies need to be included? (a) 1 (b) 2 (c) 3 (d) 4
Homework Answers
Solution: 3
Explanation: Racial group dummies = Number of racial groups - 1 = 4 -1 =3
Thus the regression equation would consider 3 dummy variables as there are four ethnic groups
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Econometrics: On the island of Econometrica there are 4 racial
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