TABLE 14-17 Model 2 Is the Regression Analysis Where the Dependent Variable

question 79

Multiple Choice

TABLE 14-17


Model 2 is the regression analysis where the dependent variable is Unemploy and the independent variables are
Age and Manager. The results of the regression analysis are given below:

-Referring to Table 14-17 Model 1, which of the following is a correct statement?

---

Definitions:

Income Effect

The change in consumption resulting from a change in real income, which can stem from increases or decreases in wages, or from price changes affecting the purchasing power of income.

Substitution Effect

The change in consumption resulting from a change in the price of a product, leading consumers to substitute that product with another.

Income Effect

The change in an individual's or economy's income and how that change will impact the quantity demanded of a good or service.

Opportunity Cost

The cost of not choosing the next best alternative when making a decision.