Applicants for a Particular Job, Which Involves Extensive Travel in Spanish

question 50

Essay

Applicants for a particular job, which involves extensive travel in Spanish speaking countries must take a
proficiency test in Spanish. The sample data below were obtained in a study of the relationship between the
numbers of years applicants have studied Spanish (x) and their score on the test (y). $$\begin{array} { | l r r r r r r r r r r | } \hline \hline x & 3 & 4 & 4 & 2 & 5 & 3 & 4 & 5 & 3 & 2 \\\hline y & 57 & 78 & 72 & 58 & 89 & 63 & 73 & 84 & 75 & 48 \\\hline\end{array}$$ The regression equation $\hat { y } = 31.55 + 10.90 x$ , was obtained. Construct a residual plot for the data.

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Definitions:

Short Run

A period in economics where the quantities of some inputs or resources cannot be changed.

Unemployment

A situation where individuals who are capable of working and willing to work at prevailing wage rates cannot find employment.

Inflation

Inflation is the rate at which the general level of prices for goods and services is rising, subsequently eroding purchasing power.

Friedman

Refers to Milton Friedman, a prominent economist known for his work on monetarism, advocating for free markets and a limited role of government in the economy.