Which of the following is a measure of the explanatory power of the regression model?

Table 7-2 This table refers to five possible buyers' willingness to pay for a case of Vanilla Coke.

Buyer Willingness To Pay David $8.50 Laura $7.00 Megan $5.50 Mallory $4.00 Audrey $3.50 Refer to Table 7-2. If the market price is $3.80, a. David’s consumer surplus is $4.70 and total consumer surplus for the five individuals is $9.50. b. David, Laura, and Megan will be the only buyers of Vanilla Coke. c. Megan’s consumer surplus is $1.70 and total consumer surplus for the five individuals is $9.80. d. the demand curve for Vanilla Coke, taking the five individuals into account, is horizontal.

In the winter quarter at Frozen U. one year, snow falls every Friday night. Students conclude that, on their campus, Fridays cause snow. This hypothesis

A. should more properly be considered a theory. B. assumes that correlation implies causation. C. assumes that causation implies correlation. D. reflects the fallacy of composition.

Public funding is not a part of colonial history

Indicate whether the statement is true or false

Suppose that goods X and Y are substitutes and the price of good Y falls. We would then expect

A) the quantity of good Y demanded to increase and the demand for good X to increase also. B) an increase in the demand for good X and a decrease in the quantity of good Y demanded. C) an increase in the quantity demanded of good Y and a decrease in the demand for good X. D) an increase in the demand for both good X and good Y.