Test Homoskedasticity. In an effort to subject the efficiency of the estimator used in this study to test, homoskedasticity tested on the residuals of the ARDL estimates by employing Xxxxxxx-Xxxxx-Xxxxxxx. The results were displayed by Table 6: Table 6: Heteroskedasticity Test: Breusch-Xxxxx-Xxxxxxx Heteroskedasticity Test: Breusch-Xxxxx-Xxxxxxx F-statistic 1.335146 Prob. F(6,9) 0.3342 Obs*R-squared 7.534828 Prob. Chi-Square(6) 0.2742 Xxxxxx explained SS 4.278462 Prob. Chi-Square(6) 0.6390 In addition, the null hypothesis in this test is that the residuals are homoskedastic. Observing closely Table 6 however revealed that the F-statistic p-value is 0.3342, which is higher than critical values at 0.01 and 0.05; hence, there was inadequate evidence to reject the null hypothesis at both 1% and 5% significance levels. We therefore concluded that the residuals were homoskedastic and the estimator was efficient.
