R2 is the ratio of the explained variation compared to the total variation.
Answer the following statement true (T) or false (F)
True
Rationale: FEEDBACK: The sample covariance between the regressors and the Ordinary Least Square (OLS) residuals is zero.
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The value of marginal product (VMP) of an input such as labor is the
A) additional output produced by the last unit of an input. B) total revenue divided by the units of the input employed. C) extra revenue gained by selling one more unit of output. D) extra revenue gained by employing one more unit of the input.
Ben quit his job as an economics professor to become a golf professional. He gave up his salary ($40,000 . and invested his retirement fund of $50,000 (which was earning 10 percent interest) in this venture. After all expenses, his net winnings (profit) were $45,000 . Ben's economic profits were
a. $45,000. b. $5,000. c. $2,000. d. zero.
Which of the following is an example of a good whose price goes down because of improvements in technology?
a) computer printers b) running shoes c) hard-bound books d) typewriters
Variable factors of production are the inputs that a manager:
A. may adjust in order to alter sales. B. cannot adjust in the short run. C. cannot adjust in the long run. D. may adjust in order to alter production.