Which of the following is a measure of the explanatory power of the regression model?
A) t-test
B) R2
C) F-test
D) Durbin-Watson test
Ans: B) R2
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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.
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.