Match the description with the appropriate term.
-Measures the percentage of variation in Y (the dependent variable) explained by X (the independent variable).
A) specification analysis
B) standard error of the regression
C) Durbin-Watson statistic
D) t-value
E) heteroscedasticity
F) autocorrerlation
G) homoskedasticity
H) goodness of fit
I) economic plausibility
J) constant variance of residuals

Question

Quizplus · Accepted Answer

Goodness of fit measures how well the model's predicted values match the actual values, which includes assessing the percentage of variation in the dependent variable (Y) explained by the independent variable(s) (X).

Match the Description with the Appropriate Term