I have the regression equation:
Growth = B0 + B1 * log(GDP)
I'm trying to understand how I would interpret this. Let's say B1 = 0.05 (se: 0.001).
Would this be correct: If GDP increases by 1%, Growth increases by 5% (or should it be growth increases by 0.05?).
Also, if only given the standard error, could I compare this to say p < 0.05? How would I check if it's statistically significant?