UNIVERSITY OF TORONTO 
ECO227: Foundations of Econometrics 
Comprehensive Study and Exam Preparation Guide 2025 
 
Part 01: Topic Summary and Exam Tips 
Part 02: Exam Practice Questions and Answers 
Part 03: Sample Examination Paper 
Part 04: Suggested Solutions to Exam Paper 
 
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University of Toronto - Foundations of Econometrics (ECO227)

C$25.00

ACADEMIC YEAR 2025 - 2026

University	University of Toronto
Department	Economics
Course Code	ECO227
Course Name	Foundations of Econometrics
Notes Title	Comprehensive Study and Exam Prep Guide
Page Length	61

Ace ECO227: Foundations of Econometrics at the University of Toronto with a concise, practical guide. Get step-by-step explanations of core theories, diagrams, and worked examples that show each method in action. When you’ve reviewed the notes, test your understanding with a full sample exam that simulates real test conditions, complete with solutions and clear explanations. Use this guide to focus your study time, apply models accurately, avoid common mistakes, and build confidence across the key topics covered in the course.

ECO227: Foundations of Econometrics provides a comprehensive introduction to probability and statistical concepts, tailored for students pursuing the Economics Specialist program. The course assumes knowledge of elementary calculus and applies it extensively. Key topics include probability theory, random variables, probability distributions (both discrete and continuous), multivariate distributions, functions of random variables, sampling distributions, the Central Limit Theorem, estimation methods, hypothesis testing, simple linear regression, and Bayesian methods. By the end of the course, students will be proficient in using these tools to model uncertainty in economics and finance, test hypotheses, and estimate model parameters.

Prerequisites for the course are ECO101H1 and ECO102H1 (or ECO100Y1) with a minimum grade of 70%. Students must also have completed an introductory calculus course, such as MAT133Y1, MAT135H1/MAT136H1, MAT137Y1, or MAT157Y1, with specific minimum grades. Additionally, concurrent enrollment in second-year courses like linear algebra (MAT223H1 or MAT240H1) and multivariate calculus (MAT235Y1, MAT237Y1, or ECO210H1) is recommended for further support in understanding econometric concepts.

COURSE CODE	COURSE NAME
ACT240	Mathematics of Investment & Credit
ECO101	Principles of Microeconomics
ECO102	Principles of Macroeconomics
ECO206	Microeconomic Theory
ECO220	Introduction to Data Analysis & Applied Econometrics
ECO227	Foundations of Econometrics
ECO372	Data Analysis & Applied Econometrics in Practice
ECO374	Forecasting and Time Series Econometrics
ECO375	Applied Econometrics I
EEB225	Biostatistics for Biological Sciences
MGM390	Business Law
PSY201	Statistics I
RSM219	Introduction to Financial Accounting
RSM220	Intermediate Financial Accounting I
RSM221	Intermediate Financial Accounting II
RSM222	Management Accounting I
RSM225	Legal Environment of Business I
RSM230	Financial Markets
RSM250	Principles of Marketing
RSM260	Organizational Behaviour
RSM332	Capital Market Theory
RSM333	Corporate Finance
RSM336	Investments
RSM433	Advanced Corporate Finance
RSM435	Futures and Options Markets
SOC202	Introduction to Quantitative Methods in Sociology
STA220	The Practice of Statistics I

University of Toronto - Foundations of Econometrics (ECO227)

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