Data Are Collected on the Number of Foreign Visitors to a Country

question 7

Multiple Choice

Data are collected on the number of foreign visitors to a country (million) and total tourism revenue ($billion) for a sample of 10 countries.According to the following output, what is standard error of the slope for this estimated regression equation?

• A)2.58307
• B)3.462
• C)0.07917
• D)6.672
• E)0.29497

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Definitions:

MPP

Marginal Physical Product, the additional output resulting from the use of one more unit of a variable input, holding all other inputs constant.

MRP

Marginal Revenue Product; the additional revenue generated from employing one more unit of a resource or factor of production.

Substitution Effect

The change in demand for a good or service that occurs when its price increases or decreases, leading consumers to substitute it with other goods or services that are relatively more or less expensive.

Output Effect

The impact on the total production of goods and services in an economy resulting from changes in demand, supply, technology, or factors of production.