TABLE 14-3 an Economist Is Interested to See How Consumption for an for an Economy

question 231

Multiple Choice

TABLE 14-3
An economist is interested to see how consumption for an economy (in $ billions) is influenced by gross domestic product ($ billions) and aggregate price (consumer price index) . The Microsoft Excel output of this regression is partially reproduced below.
-Referring to Table 14-3, to test for the significance of the coefficient on aggregate price index, the p-value is

• A) 0.0001.
• B) 0.8330.
• C) 0.8837.
• D) 0.9999.

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Definitions:

Interval Data

A type of numerical data where the difference between two values is meaningful, but there is no true zero point, allowing for comparisons of differences but not ratios.

Nominal Responses

Answers to survey questions that are categorized into groups without any inherent numerical value or order.

Ordinal Responses

Data that represent categories with a meaningful order but not necessarily equidistant intervals between categories.

Interval Responses

Responses or data that range within a specific interval, often used in surveys or statistical analysis to understand distribution or preference.