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The table below includes the first eight residual autocorrelations from fitting the first differenced time series of the absenteeism rates (ABS) at a manufacturing firm with the model ΔABSt = b0 + b1ΔABSt-1 + εt. Based on the results in the table, which of the following statements most accurately describes the appropriateness of the specification of the model, ΔABSt = b0 + b1ΔABSt-1 + εt?
A. The negative values for the autocorrelations indicate that the model does not fit the time series. B. The Durbin-Watson statistic is needed to determine the presence of significant correlation of the residuals. C. The low values for the t-statistics indicate that the model fits the time series. | ||||||||||||||||||||||||||||||||||||||||