1. Find out the feature of panel data that offers an advantage over cross sectional data and discuss how the analyst can exploit that advantage.
2. Briefly make a distinction among the causation and correlation. Use an example to support your answer.
3. Describe independence among two random variables. If X and Y are independent, then Cov(X,Y) = 0. Why is the converse false? Maintain your answer by providing a counterexample to the converse.