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

question 312

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 gross domestic product, the p-value is

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

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Definitions:

Monopoly

A market structure characterized by a single seller offering a unique product or service, with significant barriers to entry for potential competitors.

Price

The financial requisition expected, imposed, or presented for something.

Output

The total amount of products or services produced by a company or economy in a given period.

Efficiency

The measure of how well resources are used and allocated to achieve a specific outcome with minimal waste.