The regression R2 is a measure of
A) whether or not X causes Y.
B) the goodness of fit of your regression line.
C) whether or not ESS > TSS.
D) the square of the determinant of R.
Answer: B) the goodness of fit of your regression line.
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The National Restaurant Association states that the restaurant industry has an economic effect of more than $1.7 trillion annually in the United States,
with every dollar spent in restaurants generating an estimated total of $2.05 in spending in the economy. This indicates that the spending multiplier for the restaurant industry is equal to A) 1.21. B) 1.70. C) 2.05. D) 4.25.
Society's rate of time preference is
A) the extra amount people would be willing to pay to have consumption goods in the future instead of now. B) the value that people place on the time saved by purchasing capital goods rather than consumer goods. C) the extra amount people would be willing to pay to have consumption goods now instead of the future. D) is negative if people prefer present consumption to future consumption.