THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION

question 160

Essay

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
The data below are for the number of unemployed persons (in millions)and the federal unemployment insurance payments (in billions of dollars)for the years 1978-1985.Some economists state that these two variables are positively related.


-What is the standard error of estimate,and what role does it play in simple linear regression and correlation analysis?

---

Definitions:

Socially Efficient

An allocation of resources is considered socially efficient if it cannot be reallocated in a way that improves the wellbeing of one individual without worsening the situation of another.

Collude

To collaborate secretly and illegally with others with the aim of deceiving or obtaining an unfair benefit.

Controlling

The process of measuring performance and taking action to ensure desired results.

Organizing

The process of defining and assigning tasks, allocating resources, and providing resource support.