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Give at least three examples from macroeconomics and five from microeconomics that involve specified equations in a panel data analysis framework. Indicate in each case what the role of the entity and time fixed effects in terms of omitted variables might be.
Educational Level
The highest degree or stage of formal learning or schooling that an individual has completed.
Annual Income
The total amount of money earned by an individual or organization in one year from all sources before taxes.
Positively Correlated
A relationship between two variables where if one variable increases, the other one also increases.
Positively Correlated
Refers to a relationship between two variables where they move in the same direction, meaning as one variable increases, the other variable also increases.
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