Which of the Following Statements Concerning Average Error Is True

question 72

Multiple Choice

Which of the following statements concerning average error is true?

• A)a positive value indicates high bias,and a negative value indicates low bias
• B)a positive value indicates zero bias,and a negative value indicates low bias
• C)a negative value indicates zero bias,and a negative value indicates high bias
• D)a positive value indicates low bias,and a negative value indicates high bias

Grasp how changes in resources, technology, and policy can shift the PPF, indicating economic growth or contraction.

Recognize the law of increasing opportunity costs and its graphical representation as a bowed-out PPF.

Identify the economic decisions regarding what, how, and for whom to produce as foundational questions addressed by any economic system.

Understand the impact of technological improvements on production efficiency and the economy's potential output.

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Definitions:

Multiplying

The mathematical operation of increasing one number by the value of another, resulting in a total that is the product of the two numbers.

Kilo-

A prefix in the metric system representing one thousand (1000) of the unit it precedes.

Decimal

Numbers that are expressed as a fraction of a part using 10 as its base number; it also refers to the period used to separate a whole number from a fraction, as in 10.2, otherwise read as “ten and two-tenths.”

Fraction

A numerical quantity that is not a whole number, representing a part of a whole.