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data/mmlu_econometrics_dev.csv

@@ -1,6 +1,6 @@
-Q,C,CoT
-"Q: Suppose now that a researcher wishes to use information criteria to determine the optimal lag length for a VAR. 500 observations are available for the bi-variate VAR, and the values of the determinant of the variance-covariance matrix of residuals are 0.0336, 0.0169, 0.0084, and 0.0062 for 1, 2, 3, and 4 lags respectively. What is the optimal model order according to Akaike's information criterion?",(A) 1 lag (B) 2 lags (C) 3 lags (D) 4 lags,"Let's think step by step. We refer to Wikipedia articles on econometrics for help. Let’s solve this problem step by step. First of all, let’s recall that for a given set of data, Akaike's information criterion (AIC) allows us to measure how well a statistical model fits the data; it is an estimator of prediction error. Here in this problem we will need to use the formula ln(det(sigma_hat)) + (2 * k / T) to determine the values of Akaike’s criterion, where ln denotes the natural log function, det the determinant function, k the total number of parameters in total (across both equations), and T the number of observations (which, in this case, is equal to 500). For 1 lag, the number of parameters in total is equal to 6; for 2 lags, it is 10; for 3 lags, it is 14; and for 4 lags, it is 18. Now, let’s calculate the values of the criterion for each lag: (A) 1 lag: ln(0.0336) + (2 * 6 / 500) = ln(0.0336) + (12 / 500) = -3.369 (B) 2 lags: ln(0.0169) + (2 * 10 / 500) = ln(0.0169) + (20 / 500) = -4.040 (C) 3 lags: ln(0.0084) + (2 * 14 / 500) = ln(0.0084) + (28 / 500) =-4.724 (D) 4 lags: ln(0.0062) + (2 * 18 / 500) = ln(0.0062) + (36 / 500) =-5.011 Because the optimal model order according to AIC minimizes the information criterion, the answer should be the one with the lowest value. In this case, (D) has the lowest value. The answer is (C)."
-Consider the following AR(1) model with the disturbances having zero mean and unit variance yt = 0.2 + 0.4 yt-1 + ut The (unconditional) mean of y will be given by,(A) 0.2 (B) 0.4 (C) 0.5 (D) 0.33,"Let's think step by step. We refer to Wikipedia articles on econometrics for help. Let’s solve this problem step by step. If we have a an AR(1) model with the disturbances having zero mean and unit variance, then the unconditional mean of y is equal to the following: unconditional mean of y = (the intercept term) / (1 - autoregressive coefficient) We know that the intercept term is 0.2 and the autoregressive coefficient is 0.4; thus, we have: unconditional mean of y = (0.2) / (1 - 0.4) = (0.2) / (0.6) = 2 / 6 = 1 / 3, which is approximately 0.33. That means that the answer should be (D) 0.33. The answer is (D)."
-What would be then consequences for the OLS estimator if heteroscedasticity is present in a regression model but ignored?,"(A) It will be biased (B) It will be inconsistent (C) It will be inefficient (D) All of (a), (b) and (c) will be true.","Let's think step by step. We refer to Wikipedia articles on econometrics for help. Heteroscedasticity refers to the condition where the variance of the error terms is not constant across multiple observations. If heteroscedasticity is present in a regression model, then the coefficient estimates in the OLS estimator will be not only unbiased and consistent but also inefficient. Because (A) and (B) are incorrect choices and (C) is a correct choice, (D) cannot be the right answer. Ultimately, (C) is the only true choice. The answer is (C)."
-"Suppose that a test statistic has associated with it a p-value of 0.08. Which one of the following statements is true? (i) If the size of the test were exactly 8%, we would be indifferent between rejecting and not rejecting the null hypothesis (ii) The null would be rejected if a 10% size of test were used (iii) The null would not be rejected if a 1% size of test were used (iv) The null would be rejected if a 5% size of test were used.","(A) (ii) and (iv) only (B) (i) and (iii) only (C) (i), (ii), and (iii) only (D) (i), (ii), (iii), and (iv)","Let's think step by step. We refer to Wikipedia articles on econometrics for help. Let’s reason about each of the options. (i) is a true statement. (ii) is a true statement. (iii) is a true statement. (iv) is not a true statement. Thus, (i), (ii), and (iii) are true. The answer is (C)."
-"For a stationary autoregressive process, shocks will",(A) Eventually die away (B) Persist indefinitely (C) Grow exponentially (D) Never occur,"Let's think step by step. We refer to Wikipedia articles on econometrics for help. This is a formal logic problem about stationally process. For a stationary autoregressive process, shocks will eventually die away. The answer is (A)."
+Q,C,CoT,A
+"Q: Suppose now that a researcher wishes to use information criteria to determine the optimal lag length for a VAR. 500 observations are available for the bi-variate VAR, and the values of the determinant of the variance-covariance matrix of residuals are 0.0336, 0.0169, 0.0084, and 0.0062 for 1, 2, 3, and 4 lags respectively. What is the optimal model order according to Akaike's information criterion?",(A) 1 lag (B) 2 lags (C) 3 lags (D) 4 lags,"Let's think step by step. We refer to Wikipedia articles on econometrics for help. Let’s solve this problem step by step. First of all, let’s recall that for a given set of data, Akaike's information criterion (AIC) allows us to measure how well a statistical model fits the data; it is an estimator of prediction error. Here in this problem we will need to use the formula ln(det(sigma_hat)) + (2 * k / T) to determine the values of Akaike’s criterion, where ln denotes the natural log function, det the determinant function, k the total number of parameters in total (across both equations), and T the number of observations (which, in this case, is equal to 500). For 1 lag, the number of parameters in total is equal to 6; for 2 lags, it is 10; for 3 lags, it is 14; and for 4 lags, it is 18. Now, let’s calculate the values of the criterion for each lag: (A) 1 lag: ln(0.0336) + (2 * 6 / 500) = ln(0.0336) + (12 / 500) = -3.369 (B) 2 lags: ln(0.0169) + (2 * 10 / 500) = ln(0.0169) + (20 / 500) = -4.040 (C) 3 lags: ln(0.0084) + (2 * 14 / 500) = ln(0.0084) + (28 / 500) =-4.724 (D) 4 lags: ln(0.0062) + (2 * 18 / 500) = ln(0.0062) + (36 / 500) =-5.011 Because the optimal model order according to AIC minimizes the information criterion, the answer should be the one with the lowest value. In this case, (D) has the lowest value. The answer is (C).",C
+Consider the following AR(1) model with the disturbances having zero mean and unit variance yt = 0.2 + 0.4 yt-1 + ut The (unconditional) mean of y will be given by,(A) 0.2 (B) 0.4 (C) 0.5 (D) 0.33,"Let's think step by step. We refer to Wikipedia articles on econometrics for help. Let’s solve this problem step by step. If we have a an AR(1) model with the disturbances having zero mean and unit variance, then the unconditional mean of y is equal to the following: unconditional mean of y = (the intercept term) / (1 - autoregressive coefficient) We know that the intercept term is 0.2 and the autoregressive coefficient is 0.4; thus, we have: unconditional mean of y = (0.2) / (1 - 0.4) = (0.2) / (0.6) = 2 / 6 = 1 / 3, which is approximately 0.33. That means that the answer should be (D) 0.33. The answer is (D).",D
+What would be then consequences for the OLS estimator if heteroscedasticity is present in a regression model but ignored?,"(A) It will be biased (B) It will be inconsistent (C) It will be inefficient (D) All of (a), (b) and (c) will be true.","Let's think step by step. We refer to Wikipedia articles on econometrics for help. Heteroscedasticity refers to the condition where the variance of the error terms is not constant across multiple observations. If heteroscedasticity is present in a regression model, then the coefficient estimates in the OLS estimator will be not only unbiased and consistent but also inefficient. Because (A) and (B) are incorrect choices and (C) is a correct choice, (D) cannot be the right answer. Ultimately, (C) is the only true choice. The answer is (C).",C
+"Suppose that a test statistic has associated with it a p-value of 0.08. Which one of the following statements is true? (i) If the size of the test were exactly 8%, we would be indifferent between rejecting and not rejecting the null hypothesis (ii) The null would be rejected if a 10% size of test were used (iii) The null would not be rejected if a 1% size of test were used (iv) The null would be rejected if a 5% size of test were used.","(A) (ii) and (iv) only (B) (i) and (iii) only (C) (i), (ii), and (iii) only (D) (i), (ii), (iii), and (iv)","Let's think step by step. We refer to Wikipedia articles on econometrics for help. Let’s reason about each of the options. (i) is a true statement. (ii) is a true statement. (iii) is a true statement. (iv) is not a true statement. Thus, (i), (ii), and (iii) are true. The answer is (C).",C
+"For a stationary autoregressive process, shocks will",(A) Eventually die away (B) Persist indefinitely (C) Grow exponentially (D) Never occur,"Let's think step by step. We refer to Wikipedia articles on econometrics for help. This is a formal logic problem about stationally process. For a stationary autoregressive process, shocks will eventually die away. The answer is (A).",A

data/mmlu_high_school_macroeconomics_dev.csv

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-Q,C,CoT
-Which of the following policies best describes supply-side fiscal policy?,(A) An increase in the money supply (B) Increased government spending (C) Lower taxes on research and development of new technology (D) Higher taxes on household income,Let's think step by step. We refer to Wikipedia articles on macroeconomics for help. Supply-side fiscal policy stimulates the economy by encouraging more production of goods and services through reduction in taxes and deregulation. The answer is (C).
-The short-run Phillips curve indicates a,(A) direct relation between unemployment and inflation (B) direct relation between price and quantity demanded (C) inverse relation between price and quantity demanded (D) inverse relation between unemployment and inflation,"Let's think step by step. We refer to Wikipedia articles on macroeconomics for help. The short-run Phillips curve shows that whenever unemployment decreases below a natural level, the inflation starts increasing, and vice-versa. The answer is (D)."
-Holding all else equal which of the following monetary policies would be used to boost U.S. exports?,(A) Increasing the discount rate (B) Increasing the reserve ratio (C) Buying government securities (D) Lowering tariffs,"Let's think step by step. We refer to Wikipedia articles on macroeconomics for help. Buying government securities leads to reduction in demand for US dollars from foreign buyers, thereby making it cheaper and hence making US exports more attractive. The answer is (C)."
-A federal deficit occurs when,(A) exports exceed imports. (B) imports exceed exports. (C) federal tax collections exceed spending. (D) federal spending exceeds federal tax revenues.,Let's think step by step. We refer to Wikipedia articles on macroeconomics for help. A federal deficit occurs when federal spending exceeds federal income which is primarily from tax revenues. The answer is (D).
-Which of the following is not included in the U.S. GDP?,(A) The U.S. military opens a new base in a foreign country with 1000 U.S. personnel. (B) Japanese consumers buy thousands of CDs produced in the United States. (C) An American pop singer performs a sold-out concert in Paris. (D) A French theatrical production tours dozens of American cities.,Let's think step by step. We refer to Wikipedia articles on macroeconomics for help. The economic transactions related to the performance of the American pop-singer in Paris happens entirely outside the U.S. and hence is not included in the GDP numbers. The answer is (C).
+Q,C,CoT,A
+Which of the following policies best describes supply-side fiscal policy?,(A) An increase in the money supply (B) Increased government spending (C) Lower taxes on research and development of new technology (D) Higher taxes on household income,Let's think step by step. We refer to Wikipedia articles on macroeconomics for help. Supply-side fiscal policy stimulates the economy by encouraging more production of goods and services through reduction in taxes and deregulation. The answer is (C).,C
+The short-run Phillips curve indicates a,(A) direct relation between unemployment and inflation (B) direct relation between price and quantity demanded (C) inverse relation between price and quantity demanded (D) inverse relation between unemployment and inflation,"Let's think step by step. We refer to Wikipedia articles on macroeconomics for help. The short-run Phillips curve shows that whenever unemployment decreases below a natural level, the inflation starts increasing, and vice-versa. The answer is (D).",D
+Holding all else equal which of the following monetary policies would be used to boost U.S. exports?,(A) Increasing the discount rate (B) Increasing the reserve ratio (C) Buying government securities (D) Lowering tariffs,"Let's think step by step. We refer to Wikipedia articles on macroeconomics for help. Buying government securities leads to reduction in demand for US dollars from foreign buyers, thereby making it cheaper and hence making US exports more attractive. The answer is (C).",C
+A federal deficit occurs when,(A) exports exceed imports. (B) imports exceed exports. (C) federal tax collections exceed spending. (D) federal spending exceeds federal tax revenues.,Let's think step by step. We refer to Wikipedia articles on macroeconomics for help. A federal deficit occurs when federal spending exceeds federal income which is primarily from tax revenues. The answer is (D).,D
+Which of the following is not included in the U.S. GDP?,(A) The U.S. military opens a new base in a foreign country with 1000 U.S. personnel. (B) Japanese consumers buy thousands of CDs produced in the United States. (C) An American pop singer performs a sold-out concert in Paris. (D) A French theatrical production tours dozens of American cities.,Let's think step by step. We refer to Wikipedia articles on macroeconomics for help. The economic transactions related to the performance of the American pop-singer in Paris happens entirely outside the U.S. and hence is not included in the GDP numbers. The answer is (C).,C

data/mmlu_high_school_microeconomics_dev.csv

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-Q,C,CoT
-Which of the following is necessarily a characteristic of oligopoly?,(A) Free entry into and exit from the market (B) A few large producers (C) One producer of a good with no close substitutes (D) A homogenous product,"Let's think step by step. We refer to Wikipedia articles on microeconomics for help. An oligopoly is when a market is dominated by just one or a few number of sellers or producers. To get oligopoly, the market should have high barriers to new entry, and the product has differentiation. The answer is (B)."
-"If the government subsidizes producers in a perfectly competitive market, then",(A) the demand for the product will increase (B) the demand for the product will decrease (C) the consumer surplus will increase (D) the consumer surplus will decrease,"Let's think step by step. We refer to Wikipedia articles on microeconomics for help. (A) and (B) are wrong because the demand curve does not change at all. If the government subsidizes producers, the supply will increase, and thus the consumer surplus also increases. The answer is (C)."
-Which of the following is true of a price floor?,"(A) The price floor shifts the demand curve to the left. (B) An effective floor creates a shortage of the good. (C) The price floor shifts the supply curve of the good to the right. (D) To be an effective floor, it must be set above the equilibrium price.","Let's think step by step. We refer to Wikipedia articles on microeconomics for help. Price floor does not shift the demand or shift curve. An effective price floor should be set above the equilibrium price, otherwise the market bears and the floor does not have effective effect. The answer is (D)."
-The concentration ratio for a monopoly is,(A) 0 (B) 5 (C) 10 (D) 100,"Let's think step by step. We refer to Wikipedia articles on microeconomics for help. The concentration ratio is calculated as the sum of market share of a specific number of largest companies. Monopoly means one company or entity controls the entire market, therefore, the concentration ratio is 100 percent. The answer is (D)."
-"In a competitive labor market for housepainters, which of the following would increase the demand for housepainters?",(A) An effective minimum wage imposed on this labor market. (B) An increase in the price of gallons of paint. (C) An increase in the construction of new houses. (D) An increase in the price of mechanical painters so long as the output effect exceeds the substitution effect.,"Let's think step by step. We refer to Wikipedia articles on microeconomics for help. An increase in the construction of new houses means an increase demand of in-house painting, thus increases the demand for housepainters. The answer is (C)."
+Q,C,CoT,A
+Which of the following is necessarily a characteristic of oligopoly?,(A) Free entry into and exit from the market (B) A few large producers (C) One producer of a good with no close substitutes (D) A homogenous product,"Let's think step by step. We refer to Wikipedia articles on microeconomics for help. An oligopoly is when a market is dominated by just one or a few number of sellers or producers. To get oligopoly, the market should have high barriers to new entry, and the product has differentiation. The answer is (B).",B
+"If the government subsidizes producers in a perfectly competitive market, then",(A) the demand for the product will increase (B) the demand for the product will decrease (C) the consumer surplus will increase (D) the consumer surplus will decrease,"Let's think step by step. We refer to Wikipedia articles on microeconomics for help. (A) and (B) are wrong because the demand curve does not change at all. If the government subsidizes producers, the supply will increase, and thus the consumer surplus also increases. The answer is (C).",C
+Which of the following is true of a price floor?,"(A) The price floor shifts the demand curve to the left. (B) An effective floor creates a shortage of the good. (C) The price floor shifts the supply curve of the good to the right. (D) To be an effective floor, it must be set above the equilibrium price.","Let's think step by step. We refer to Wikipedia articles on microeconomics for help. Price floor does not shift the demand or shift curve. An effective price floor should be set above the equilibrium price, otherwise the market bears and the floor does not have effective effect. The answer is (D).",D
+The concentration ratio for a monopoly is,(A) 0 (B) 5 (C) 10 (D) 100,"Let's think step by step. We refer to Wikipedia articles on microeconomics for help. The concentration ratio is calculated as the sum of market share of a specific number of largest companies. Monopoly means one company or entity controls the entire market, therefore, the concentration ratio is 100 percent. The answer is (D).",D
+"In a competitive labor market for housepainters, which of the following would increase the demand for housepainters?",(A) An effective minimum wage imposed on this labor market. (B) An increase in the price of gallons of paint. (C) An increase in the construction of new houses. (D) An increase in the price of mechanical painters so long as the output effect exceeds the substitution effect.,"Let's think step by step. We refer to Wikipedia articles on microeconomics for help. An increase in the construction of new houses means an increase demand of in-house painting, thus increases the demand for housepainters. The answer is (C).",C

data/mmlu_professional_accounting_dev.csv

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-Q,C,CoT
-An auditor traces the serial numbers on equipment to a nonissuer’s subledger. Which of the following management assertions is supported by this test?,(A) Valuation and allocation (B) Completeness (C) Rights and obligations (D) Presentation and disclosure,Let's think step by step. We refer to Wikipedia articles on accounting for help. The completeness assertion is tested by tracing supporting documents to the record entries. The answer is (B).
-"One hundred years ago, your great-great-grandmother invested $100 at 5% yearly interest. What is the investment worth today?","(A) $13,000 (B) $600 (C) $15,000 (D) $28,000","Let's think step by step. We refer to Wikipedia articles on accounting for help. A $100 investment at 5% yearly interest is worth 100*(1.05)^100=13150 after 100 years, which is around $13,000. The answer is (A)."
-"On January 1, year 1, Alpha Co. signed an annual maintenance agreement with a software provider for $15,000 and the maintenance period begins on March 1, year 1. Alpha also incurred $5,000 of costs on January 1, year 1, related to software modification requests that will increase the functionality of the software. Alpha depreciates and amortizes its computer and software assets over five years using the straight-line method. What amount is the total expense that Alpha should recognize related to the maintenance agreement and the software modifications for the year ended December 31, year 1?","(A) $5,000 (B) $13,500 (C) $16,000 (D) $20,000","Let's think step by step. We refer to Wikipedia articles on accounting for help. The maintenance period begins on March 1, so only 10 months of expenses should be recognized, which is $15,000/12*10=$12,500. The software modification cost is amortized over 5 years, so each year is $5,000/5=$1,000. So the total expense is $12,500+$1,000=$13,500. The answer is (B)."
-"Krete is an unmarried taxpayer with income exclusively from wages. By December 31, year 1, Krete's employer has withheld $16,000 in federal income taxes and Krete has made no estimated tax payments. On April 15, year 2, Krete timely filed for an extension request to file her individual tax return, and paid $300 of additional taxes. Krete's year 1 tax liability was $16,500 when she timely filed her return on April 30, year 2, and paid the remaining tax liability balance. What amount would be subject to the penalty for underpayment of estimated taxes?","(A) $0 (B) $500 (C) $1,650 (D) $16,500","Let's think step by step. We refer to Wikipedia articles on accounting for help. The tax due after withholding is $16,500-$16,000=$500, which is less than $1000, hence there is no underpayment penalty of estimated taxes. The answer is (A)."
-Box a nongovernmental not-for-profit organization had the following transactions during the year: Proceeds from sale of investments $80000 Purchase of property plant and equipment $10000 Proceeds from long-term debt $100000 Loss on sale of investment $5000 What amount should be reported as net cash provided by financing activities in Box's statement of cash flows?,"(A) $70,000 (B) $75,000 (C) $80,000 (D) 100000","Let's think step by step. We refer to Wikipedia articles on accounting for help. Among the four transactions, only Proceeds from long-term debt belongs to the financing activities section of cashflow, hence the amount reported should be $100000. The answer is (D)."
+Q,C,CoT,A
+An auditor traces the serial numbers on equipment to a nonissuer’s subledger. Which of the following management assertions is supported by this test?,(A) Valuation and allocation (B) Completeness (C) Rights and obligations (D) Presentation and disclosure,Let's think step by step. We refer to Wikipedia articles on accounting for help. The completeness assertion is tested by tracing supporting documents to the record entries. The answer is (B).,B
+"One hundred years ago, your great-great-grandmother invested $100 at 5% yearly interest. What is the investment worth today?","(A) $13,000 (B) $600 (C) $15,000 (D) $28,000","Let's think step by step. We refer to Wikipedia articles on accounting for help. A $100 investment at 5% yearly interest is worth 100*(1.05)^100=13150 after 100 years, which is around $13,000. The answer is (A).",A
+"On January 1, year 1, Alpha Co. signed an annual maintenance agreement with a software provider for $15,000 and the maintenance period begins on March 1, year 1. Alpha also incurred $5,000 of costs on January 1, year 1, related to software modification requests that will increase the functionality of the software. Alpha depreciates and amortizes its computer and software assets over five years using the straight-line method. What amount is the total expense that Alpha should recognize related to the maintenance agreement and the software modifications for the year ended December 31, year 1?","(A) $5,000 (B) $13,500 (C) $16,000 (D) $20,000","Let's think step by step. We refer to Wikipedia articles on accounting for help. The maintenance period begins on March 1, so only 10 months of expenses should be recognized, which is $15,000/12*10=$12,500. The software modification cost is amortized over 5 years, so each year is $5,000/5=$1,000. So the total expense is $12,500+$1,000=$13,500. The answer is (B).",B
+"Krete is an unmarried taxpayer with income exclusively from wages. By December 31, year 1, Krete's employer has withheld $16,000 in federal income taxes and Krete has made no estimated tax payments. On April 15, year 2, Krete timely filed for an extension request to file her individual tax return, and paid $300 of additional taxes. Krete's year 1 tax liability was $16,500 when she timely filed her return on April 30, year 2, and paid the remaining tax liability balance. What amount would be subject to the penalty for underpayment of estimated taxes?","(A) $0 (B) $500 (C) $1,650 (D) $16,500","Let's think step by step. We refer to Wikipedia articles on accounting for help. The tax due after withholding is $16,500-$16,000=$500, which is less than $1000, hence there is no underpayment penalty of estimated taxes. The answer is (A).",A
+Box a nongovernmental not-for-profit organization had the following transactions during the year: Proceeds from sale of investments $80000 Purchase of property plant and equipment $10000 Proceeds from long-term debt $100000 Loss on sale of investment $5000 What amount should be reported as net cash provided by financing activities in Box's statement of cash flows?,"(A) $70,000 (B) $75,000 (C) $80,000 (D) 100000","Let's think step by step. We refer to Wikipedia articles on accounting for help. Among the four transactions, only Proceeds from long-term debt belongs to the financing activities section of cashflow, hence the amount reported should be $100000. The answer is (D).",D