Question

the value of the slope tells you the accuracy of the least squared regression line.

Answer 1

FALSE.

regression eqn: Y = bo + b1*X

slope tells me that with one unit increase in X (independent variable) there is b1 (slope) units change in Y (dependent variable)

Hypothesis test of slope

Null Hypothesis: Hoi: ?i=0, ?i is not significant, i.e. Xi should be included in the model. V/s Alternative Hypothesis: H1i: ?i?0, ?i is significant, i.e. Xi should not be included in the model. If p-value < alpha, I reject Hoi at 5% level of significance otherwise I fail to reject it.