In Regression Analysis, the Variable We Are Trying to Explain

question 24

Multiple Choice

In regression analysis, the variable we are trying to explain or predict is called the:

• A) independent variable
• B) dependent variable
• C) regression variable
• D) statistical variable
• E) residual variable

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Definitions:

Terms of Trade

The ratio of export prices to import prices. It shows how much import goods a country can buy for each unit of export goods it sells.

Production Possibilities

A curve depicting all maximum output possibilities for two goods, given a set of inputs consisting of resources and other factors.

Economic Efficiency

Economic efficiency occurs when resources are optimally allocated to serve the needs of a society without any waste.