Examlex
Explain how governments restrict international trade and who benefits as well as who loses from the restrictions.
Residual
The difference between an observed value and the predicted value in a statistical model.
Observed Value
The actual value measured or recorded during an experiment or observation.
Residual Plot
Graphical representation of the residuals that can be used to determine whether the assumptions made about the regression model appear to be valid.
Regression Model
A statistical model that estimates the relationship between a dependent variable and one or more independent variables, often used for prediction and forecasting.
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