How would you evaluate the quality of this equation overall? Do you have any concerns? Explain
What will be an ideal response?
The overall equation is significant, as shown by the F-test. The R2 value is reasonably high. One variable is not significant (might be desirable to re-estimate the equation without it, although the inclusion of irrelevant variables does not affect the properties of the OLS model). The sample size is sufficiently large. There are no significant concerns. {Other answers are possible.}
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The production technique that is most efficient is the one that produces a given amount of output:
A. using the least amount of labor resources B. at the highest price per unit C. at the lowest cost per unit D. that yields the highest revenues
You can generally distinguish an aggregate supply-caused recession from an aggregate demand-caused recession because
A. real GDP will rise in an aggregate supply recession. B. the price level will fall in an aggregate supply recession. C. the price level will fall in an aggregate demand recession. D. real GDP will rise in an aggregate demand recession.