The Proportionate Reduction in Error Is a Measure of The

question 95

Multiple Choice

The proportionate reduction in error is a measure of the:

• A) amount of variance in the dependent variable explained by the independent variable.
• B) correlation between two variables.
• C) amount of variance in the independent variable explained by the dependent variable.
• D) slope of a regression line.

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Definitions:

Explicit Costs

Directly incurred expenses in the operation of a business, such as wages, rent, and material costs, which are clearly accounted for and easy to identify.

Opportunity Costs

The potential benefits missed out on when choosing one alternative over another.

Explicit Costs

Direct, out-of-pocket payments for goods or services that are made by a business as part of its operations.

Total Economic Costs

The sum of all costs associated with the production of a good or service, including both explicit (direct) costs and implicit (indirect or opportunity) costs.