The linear regression equation, Y = a + bX, was estimated. The following computer printout was obtained: 
Given the above information, the value of the R2 statistic indicates that
A. 30.66% of the total variation in X is explained by the regression equation.
B. 30.66% of the total variation in Y is explained by the regression equation.
C. 0.3066% of the total variation in X is explained by the regression equation.
D. 0.3066% of the total variation in Y is explained by the regression equation.
Answer: B
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Suppose that an increase in population increases demand in New Haven County's perfectly competitive market for auto repair. Which of the following is true in the short run?
a. Auto repair centers may be able to earn economic profit. b. Normal profits increase. c. The market supply curve of auto repair services shifts to the left. d. Either price or output is likely to increase, but it's impossible to say which. e. After firms have had time to adjust to the new equilibrium, the price of auto repair services will exceed the marginal cost.
A country can gain by importing a good that it can make itself if
A. this enables the country to make another good in which it is extremely efficient. B. it has an absolute disadvantage in the good. C. this permits the country to establish comparative advantage in the good. D. All of the above are correct.
One of the most controversial features of the Maastricht Treaty is
A) the lack of ability of individual countries to set their own monetary policies. B) increased control of health and safety measures by the European Commission. C) the free movement of labor throughout Europe. D) the elimination of passport controls in parts of Europe.
The data in the table above shows the consumption by families in a small (poor) economy. The families consume only salt and bread. The reference base period is 2011. The cost of the CPI market basket in 2011 is
A) $64.00. B) $3.50. C) $52.00. D) $5.00. E) $100.