TABLE 13-3 an Economist Is Interested to See How Consumption for an for an Economy

question 113

Multiple Choice

TABLE 13-3
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 13-3, to test whether aggregate price index has a negative impact on consumption, the p-value is ________.

• A) 0.0001
• B) 0.4165
• C) 0.8330
• D) 0.8837

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Definitions:

Producer Surplus Gain

The difference between what producers are willing to accept for a good versus what they actually receive, often resulting from higher market prices.

Consumer Surplus Loss

The reduction in consumer surplus due to changes in market conditions such as price increases or decreases in available goods.

Individual Seller

A single entity or person engaged in the act of selling goods or services, typically on a small scale or directly to consumers.

Producer Surplus

The difference between what producers are willing to accept for a good versus what they actually receive, due to higher market price.