What test should I be using... the F statistic?

and then they add a new variable into a new regression output and ask the following;

**Comment on the new variable, analyse its magnitude and stat sig @ 5%**

Here (I have two regression outputs) one with the old variables and now the second with the new variable added - do I just look at the new variables P-Value... (the P-value is 0.08; so its not statistically significant) and regarding the magnitude, what am I supposed to say here, that if we used the 0.1 statistical significance level then it would be accepted...

Then the next question it asks;

**Rsquared of the two variables = 0.9677, calculate the VIF of variable x and variable y, explain your results...**
here do we just compute [1/1-0.9677) = 0.323... to give the VIF value which suggest no multicolinearity right... as its much less than < 5...

Next question...

**Looking at the regression output and your answer to the VIF - would you set an alternative specification for the model...**

write this specification and justify yourself...

So here... I get abit more lost...

Any advice in the right direction would be great,

thanks