To Estimate the Accuracy of Predicted Values,Y,found in Bivariate Regression,it

question 1

Multiple Choice

To estimate the accuracy of predicted values,Y,found in bivariate regression,it is useful to calculate the _____,the standard deviation of the actual Y values for the predicted Y values.

• A) coefficient of determination
• B) standard error of the estimate
• C) covariance
• D) standard error
• E) sum of squares

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Definitions:

Efficiency

The optimal allocation of resources to maximize the production of goods and services.

Total Surplus

The total net gain to society from creating and using goods and services, shown by adding together consumer and producer surplus.

Total Surplus

The sum of consumer and producer surplus, representing the total net benefit to society from the production and consumption of a good or service.

Gains From Trade

Gains achieved by dividing tasks and trading; in this way people can get more of what they want through trade than they could if they tried to be self-sufficient.