An economist is interested to see how consumption for an economy (in billions) is influenced by gross domestic product (billions)
Not what you're looking for?
(See the attached file for full problem description)
An economist is interested to see how consumption for an economy (in billions) is influenced by gross domestic product (billions) and aggregate price (consumer price index). The Microsoft Excel output of this regression is partially reproduced below.
SUMMARY OUTPUT
Regression Statistics
Multiple R 0.991
R Square 0.982
Adjusted R Square 0.976
Standard error 0.299
Observations 10
ANOVA
df SS MS F SignifF
Regression 2 33.4163 16.7082 186.325 0.0001
Residual 7 0.6277 0.0897
Total 9 34.0440
Coeff StdError t Stat P-Value
Intercept -0.0861 0.5674 -0.152 0.8837
GDP 0.7654 0.0574 13.340 0.0001
Price -0.0006 0.0028 -0.219 0.8330
Referring to the table, what is the predicted consumption level for an economy with GDP equal to $4 Billion and an aggregate price index of 150?
A. 1.39 Billion
B. 2.89 Billion
C. 4.75 Billion
D. 9.45 Billion
Referring to the table, to test whether gross domestic product has a positive impact on consumption, the p-value is
A. 0.00005
B. 0.0001
C. 0.9999
D. 0.99995
Referring to the table, to test for the significance of the coefficient on aggregate price index, the value of the relevant t-statistic is
A. 2.365
B. 0.143
C. -0.219
-1.960
Purchase this Solution
Purchase this Solution
Free BrainMass Quizzes
Know Your Statistical Concepts
Each question is a choice-summary multiple choice question that presents you with a statistical concept and then 4 numbered statements. You must decide which (if any) of the numbered statements is/are true as they relate to the statistical concept.
Measures of Central Tendency
Tests knowledge of the three main measures of central tendency, including some simple calculation questions.
Terms and Definitions for Statistics
This quiz covers basic terms and definitions of statistics.
Measures of Central Tendency
This quiz evaluates the students understanding of the measures of central tendency seen in statistics. This quiz is specifically designed to incorporate the measures of central tendency as they relate to psychological research.