In Ordinary Least Squares Regression, the gap between the value of the dependent variable and the predicted value is called
A) the error term.
B) the minimizing coefficient.
C) the residual.
D) the explanatory variable.
C
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If retail managers are ordering extra merchandise from their wholesale distributors, then it is probably true that
A. total output is greater than total spending. B. price levels are decreasing. C. inventory levels are increasing. D. inventory levels are decreasing.
The change in the level of planned spending that results from a change in the price level is indicated by the movement of the economy along a given
a. aggregate expenditure curve. b. aggregate demand curve. c. aggregate supply curve. d. both aggregate expenditure curve and aggregate demand curve.
A consumer has spent all of his income on pizza and movies. The price of a piece of pizza is $1 and the price of a movie is $6. The marginal utility of the last piece of pizza is 5 and the marginal utility of the last movie is 24. The consumer has
A) maximized utility. B) not maximized utility. He should cut back on movies and buy more pizza. C) not maximized utility. He should cut back on pizza and buy more movies. D) not maximized utility. He should cut back consumption of each good.
How might a problem like the Bird Flu which can make thousands of birds sick and scare consumers about possible problems with eating items like chicken or eggs affect the market for chicken?
A. Price increases and quantity is indeterminate B. Quantity increases and price is indeterminate C. Quantity decreases and price is indeterminate D. Price decreases and quantity is indeterminate