The Difference Between the Predicted Value and the Actual Value

question 44

Multiple Choice

The difference between the predicted value and the actual value of a variable in a regression analysis is called:

• A) absolute divergence.
• B) estimation error.
• C) standard error.
• D) mean deviation.
• E) variance.

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Definitions:

Complementary Resources

Resources that are used together in the production of a good or service, such that an increase in the price of one leads to a decrease in the supply of the other.

Substitute Resources

Alternative resources that can be used in place of another in the production process, often in response to changes in price.

Domestic-born Workers

Employees who are born in the country where they are working, as opposed to foreign-born workers.

U.S. Census Bureau

A principal agency of the U.S. Federal Statistical System, responsible for producing data about the American people and economy.