Suppose that you regress the total number of medals that a country won in the 2008 Olympics on GDP per capita (measured in thousands) and that you get the following results. SUMMARY OUTPUT Regression Statistics 0.193666659 Multiple R R Square 0.037506775 0.027881842 Adjusted R Square 17.8035921 Standard Error 102 Observations ANOVA. MS SS Significance F df Regression 1235.171633 1235.171633 3.896835188 0.05113579 Residual 31696.78915 316.9678915 100 101 32931.96078 Total Coefficients Standard Error t Stat P-value Lower 95% Upper 95% 2.6341 10.6580 2.3079 0.0098 Intercept 6.0792 1.5005 0.0511 1.9740 GDP Per Capita ousands) 0.1553 0.0787 0.0008 0.3113
how would you interpret these results?

rational decision making is a multi-step process for making choices between alternatives. the process of rational decision making favors logic, objectivity, and analysis over subjectivity and insight. the word “rational” in this context does not mean sane or clear-headed as it does in the colloquial sense.

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the correct answer is economics is a game without winners or losers.

unlike sports or games economic is a game without losers or winner rather it is a game where everyone wins. parties of business doing businesses exchange money with each other and hence exchange is done on the basis of goods. one party takes the goods and other sales it so there is winner on both sides. each party values more highly the good it gets than the good it gives up. both sides exchange only because both intend to increase their value. so there is no concept of lose or win.

answer; the coefficient of determination;

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