Question 1

The total sum of squares is 400 and the sum of squares errors is 100, what is the coefficient of determination?

Accepted Answer

A) 25 
B) 0)75 
C) 1)00 
D) 0 
A) 25 
B) 0)75 
C) 1)00 
D) 0

Question 2

Regressional analysis that analyzes the relationship between one dependent variable and one independent variable is called:

Accepted Answer

A) simple regression analysis. 
B) correlation analysis 
C) multiple regression analysis. 
D) cluster analysis. 
A) simple regression analysis. 
B) correlation analysis 
C) multiple regression analysis. 
D) cluster analysis.

Question 3

Price elasticities tend to be higher, the greater the number of substitutes.

Accepted Answer

A) True 
 B)False

Question 4

When using expert opinion, consumer surveys, test marketing, and price experiments to analyze consumer behavior, managers must consider whether the answers given in these formats represent actual market behavior.

Accepted Answer

A) True 
 B)False

Question 5

Refer to Scenario 2.Based on the 95 percent confidence intervals for each of the partial regression coefficients, which independent variable is statistically different from zero and why?

Accepted Answer

The 95 percent confidence interval for t

Question 6

The total sum of squares equals the sum of squares of the variation explained by the regression and the sum of squares of the errors.

Accepted Answer

A) True 
 B)False

Question 7

The coefficient of determination represents the ratio of the regression sum of squares to the total sum of squares.

Accepted Answer

A) True 
 B)False

Question 8

The F-statistic is an alternative measure of goodness-of-fit of an estimated regression equation and defined as the:

Accepted Answer

A) variation not explained by the regression equation relative to the variation explained. 
B) variation explained by the regression equation to the variation not explained. 
C) variation explained. 
D) variation not explained. 
A) variation not explained by the regression equation relative to the variation explained. 
B) variation explained by the regression equation to the variation not explained. 
C) variation explained. 
D) variation not explained.

Question 9

All of the following are limitations of direct consumer surveys except:

Accepted Answer

A) the possibility that consumers' responses may not reflect their actual behavior in the market place. 
B) the possibility of response biases because survey respondents may not want to reveal their true preferences. 
C) the likelihood that respondents will deliberately and systematically mislead interviewers. 
D) the possibility that the type of questions asked may unintentionally bias the respondent's answers. 
A) the possibility that consumers' responses may not reflect their actual behavior in the market place. 
B) the possibility of response biases because survey respondents may not want to reveal their true preferences. 
C) the likelihood that respondents will deliberately and systematically mislead interviewers. 
D) the possibility that the type of questions asked may unintentionally bias the respondent's answers.

Question 10

Which of the following statements is correct?

Accepted Answer

A) The use of Census data is especially useful and cost-effective in targeted marketing. 
B) Census data are considered more reliable than data collected via direct consumer surveys because people are more likely to provide accurate responses to government census takers. 
C) While the use of census data in targeting marketing can provide relatively accurate information, experience has shown that it has the disadvantage of increasing marketing costs by a substantial amount. 
D) While census data are considerably less expensive than data obtained via direct consumer surveys, they are also considerably less reliable. 
A) The use of Census data is especially useful and cost-effective in targeted marketing. 
B) Census data are considered more reliable than data collected via direct consumer surveys because people are more likely to provide accurate responses to government census takers. 
C) While the use of census data in targeting marketing can provide relatively accurate information, experience has shown that it has the disadvantage of increasing marketing costs by a substantial amount. 
D) While census data are considerably less expensive than data obtained via direct consumer surveys, they are also considerably less reliable.

Question 11

Refer to Scenario 2.What is the estimated regression equation for determining the market value of houses?

Accepted Answer

Market Value = 47331

Question 12

Refer to Scenario 2.What are the units of measurement for the standard error of the estimate?

Accepted Answer

The standard error of the esti

Question 13

An estimated regression coefficient is 10 with a standard error of 5.The null hypothesis is that the partial regression coefficient equals zero.What is the value of the t-statistic for testing the null hypothesis of the regression coefficient?

Accepted Answer

A) 1 
B) 2 
C) 0)5 
D) 5 
A) 1 
B) 2 
C) 0)5 
D) 5

Question 14

Briefly describe the three key points managers must consider when using expert opinion, consumer surveys, test marketing, and price experiments in analyzing consumer behavior.

Accepted Answer

Managers must consider whether the parti

Question 15

The t-test is used to test hypotheses concerning the individual regression coefficients.

Accepted Answer

A) True 
 B)False

Question 16

Refer to Scenario 1.What is the t-statistic for the slope coefficient?

Accepted Answer

A) 3)04 
B) 0)94 
C) 0)30 
D) 4)46 
A) 3)04 
B) 0)94 
C) 0)30 
D) 4)46

Question 17

The estimated regression equation is Y = 10 + 2.5X, if X =0 than the predicted value of Y is equal to:

Accepted Answer

A) 12.5 
B) 10 
C) 2)5 
D) 7)5 
A) 12.5 
B) 10 
C) 2)5 
D) 7)5

Question 18

Refer to Scenario 2.What percentage of the variation in the dependent variable, Market Value, is explained by the regression model?

Accepted Answer

The coefficient of determinati

Question 19

In a multiple regression problem involving two independent variables, if b₁ is computed to be +2.0, it means that:

Accepted Answer

A) the relationship between X₁ and Y is significant. 
B) the estimated value of Y increases by an average of 2 units for each increase of 1 unit of X₁, holding X₂ constant. 
C) the estimated value of Y increases by an average of 2 units for each increase of 1 unit of X₁, without regard to X₂. 
D) the estimated average value of Y is 2 when X₁ equals zero. 
A) the relationship between X₁ and Y is significant. 
B) the estimated value of Y increases by an average of 2 units for each increase of 1 unit of X₁, holding X₂ constant. 
C) the estimated value of Y increases by an average of 2 units for each increase of 1 unit of X₁, without regard to X₂. 
D) the estimated average value of Y is 2 when X₁ equals zero.

Question 20

Refer to Scenario 1.What is the total sum of squares?

Accepted Answer

A) 3860.8 
B) 3718.9 
C) 141.9 
D) None of the above. 
A) 3860.8 
B) 3718.9 
C) 141.9 
D) None of the above.

The total sum of squares is 400 and the sum of squares errors is 100, what is the coefficient of determination?

Regressional analysis that analyzes the relationship between one dependent variable and one independent variable is called:

Price elasticities tend to be higher, the greater the number of substitutes.

When using expert opinion, consumer surveys, test marketing, and price experiments to analyze consumer behavior, managers must consider whether the answers given in these formats represent actual market behavior.

Refer to Scenario 2.Based on the 95 percent confidence intervals for each of the partial regression coefficients, which independent variable is statistically different from zero and why?

The total sum of squares equals the sum of squares of the variation explained by the regression and the sum of squares of the errors.

The coefficient of determination represents the ratio of the regression sum of squares to the total sum of squares.

The F-statistic is an alternative measure of goodness-of-fit of an estimated regression equation and defined as the:

All of the following are limitations of direct consumer surveys except:

Which of the following statements is correct?

Refer to Scenario 2.What is the estimated regression equation for determining the market value of houses?

Refer to Scenario 2.What are the units of measurement for the standard error of the estimate?

An estimated regression coefficient is 10 with a standard error of 5.The null hypothesis is that the partial regression coefficient equals zero.What is the value of the t-statistic for testing the null hypothesis of the regression coefficient?

Briefly describe the three key points managers must consider when using expert opinion, consumer surveys, test marketing, and price experiments in analyzing consumer behavior.

The t-test is used to test hypotheses concerning the individual regression coefficients.

Refer to Scenario 1.What is the t-statistic for the slope coefficient?

The estimated regression equation is Y = 10 + 2.5X, if X =0 than the predicted value of Y is equal to:

Refer to Scenario 2.What percentage of the variation in the dependent variable, Market Value, is explained by the regression model?

In a multiple regression problem involving two independent variables, if b₁ is computed to be +2.0, it means that:

Refer to Scenario 1.What is the total sum of squares?

Managers and Economics

Demand, Supply, and Equilibrium Prices

Demand Elasticities

Production and Cost Analysis in the Short Run

Production and Cost Analysis in the Long Run

Market Structure: Perfect Competition

Market Structure: Monopoly and Monopolistic Competition

Market Structure: Oligopoly

Pricing Strategies for the Firm

Measuring Macroeconomic Activity

Spending by Individuals, Firms, and Governments on Real Goods and Services

The Role of Money in the Macro Economy

The Aggregate Model of the Macro Economy

International and Balance of Payments Issues in the Macro Economy

Combining Micro and Macro Analysis for Managerial Decision Making

Filters

Exam 4: Techniques for Understanding Consumer Demand and Behavior

The total sum of squares is 400 and the sum of squares errors is 100, what is the coefficient of determination?

Regressional analysis that analyzes the relationship between one dependent variable and one independent variable is called:

Price elasticities tend to be higher, the greater the number of substitutes.

When using expert opinion, consumer surveys, test marketing, and price experiments to analyze consumer behavior, managers must consider whether the answers given in these formats represent actual market behavior.

Refer to Scenario 2.Based on the 95 percent confidence intervals for each of the partial regression coefficients, which independent variable is statistically different from zero and why?

The total sum of squares equals the sum of squares of the variation explained by the regression and the sum of squares of the errors.

The coefficient of determination represents the ratio of the regression sum of squares to the total sum of squares.

The F-statistic is an alternative measure of goodness-of-fit of an estimated regression equation and defined as the:

All of the following are limitations of direct consumer surveys except:

Which of the following statements is correct?

Refer to Scenario 2.What is the estimated regression equation for determining the market value of houses?

Refer to Scenario 2.What are the units of measurement for the standard error of the estimate?

An estimated regression coefficient is 10 with a standard error of 5.The null hypothesis is that the partial regression coefficient equals zero.What is the value of the t-statistic for testing the null hypothesis of the regression coefficient?

Briefly describe the three key points managers must consider when using expert opinion, consumer surveys, test marketing, and price experiments in analyzing consumer behavior.

The t-test is used to test hypotheses concerning the individual regression coefficients.

Refer to Scenario 1.What is the t-statistic for the slope coefficient?

The estimated regression equation is Y = 10 + 2.5X, if X =0 than the predicted value of Y is equal to:

Refer to Scenario 2.What percentage of the variation in the dependent variable, Market Value, is explained by the regression model?

In a multiple regression problem involving two independent variables, if b₁ is computed to be +2.0, it means that:

Refer to Scenario 1.What is the total sum of squares?

Managers and Economics

Demand, Supply, and Equilibrium Prices

Demand Elasticities

Production and Cost Analysis in the Short Run

Production and Cost Analysis in the Long Run

Market Structure: Perfect Competition

Market Structure: Monopoly and Monopolistic Competition

Market Structure: Oligopoly

Pricing Strategies for the Firm

Measuring Macroeconomic Activity

Spending by Individuals, Firms, and Governments on Real Goods and Services

The Role of Money in the Macro Economy

The Aggregate Model of the Macro Economy

International and Balance of Payments Issues in the Macro Economy

Combining Micro and Macro Analysis for Managerial Decision Making

Filters