Predictions of a dependent variable are subject to sampling variation.
Answer the following statement true (T) or false (F)
True
Rationale: FEEDBACK: Predictions of a dependent variable are subject to sampling variation since they are obtained using OLS estimators.
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Refer to Figure 10-2. When the price of ice cream cones increases from $2 to $3, quantity demanded decreases from 4 ice cream cones to 3 ice cream cones. This change in quantity demanded is due to
A) the fact that marginal willingness to pay falls. B) the price and output effects. C) the law of diminishing marginal utility. D) the income and substitution effects.
When the government restricts the quantity of a good to zero
A) an underground market develops. B) there is none of the good available anywhere. C) people's demand for the product evaporates. D) producers stop all production.
Over the long run, per capita incomes in different regions of the United States have
a. gradually diverged with the Northeastern region leading all other income groups. b. gradually converged. c. gradually converged until roughly 1985, and then diverged as the Western states outpaced other regions. d. have converged, with the exception of the South.
An increase in the price of good x will be accompanied by:
a. a shift in the market demand curve for good x. b. a shift in the market demand curve for good y (a substitute for good x). c. a movement along the market demand curve for good x. d. both b and c.