R² Measures

question 76

Multiple Choice

R² measures

• A) the percentage of variability in the dependent variable, Y, explained by the model
• B) the unexplained variability
• C) the ratio of RSS/ESS
• D) the model sophistication

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Definitions:

GDP

Gross Domestic Product, the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period.

GDP Deflator

A standard for assessing the price rates of all freshly made, domestically sourced, final goods and services in an economic environment.

Real GDP

Gross Domestic Product adjusted for inflation, reflecting the value of all goods and services produced by an economy in real terms.

Nominal GDP

The total economic value of all the final products and services generated within a nation's borders in a specified timeframe, calculated without any modification for inflation.