How is the R2 value calculated, and what information does this give you?
What will be an ideal response?
R2 = RSS/TSS = 1 - (ESS/TSS), where TSS = sum of squared deviations of the sample values of Y from their mean, RSS = sum of squared deviations of the estimated values from their mean, and ESS = sum of the squared deviations of the sample values from their estimated values. The R2 value tells you what percentage of the variation in the dependent variable is explained by variation in the independent variables, or the "goodness of fit" of the equation. In this case, 65% of the variation in quantity demanded is explained by variation in the independent variables.
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Because of its vast oil reserves, Saudi Arabia is a rich country. Saudi Arabia exemplifies the general fact that differences in __________ are responsible for some of the differences in standards of living around the world
Fill in the blank(s) with correct word
If the exchange rate between the U.S. dollar and Japanese yen changes from $1 = 100 yen to $1 = 90 yen, then
A. U.S. auto producers and autoworkers will lose. B. All Japanese producers and consumers will lose. C. U.S. consumers of Japanese TV sets will benefit. D. Japanese tourists visiting the United States will benefit.
Which of the following sequences is accurate concerning the money market and aggregate demand?
a. increased price; increased interest rate; higher RGDP; increased money demand b. increased price; lower interest rate; increased money demand; lower RGDP c. increased price; increased money demand; increased interest rate; lower RGDP d. increased price; higher RGDP; increased money demand; lower interest rate
Which of the following is not an example of an intermediate good?
A. an oven bought by a homeowner B. gasoline bought by a trucking company C. flour bought by a bakery D. office supplies bought by an accounting firm