The Spearman Correlation Coefficient Is Calculated for a Set of Data

question 93

Multiple Choice

The Spearman correlation coefficient is calculated for a set of data on two variables, x and y.It appears that as the rank of x increases, the rank of y is decreasing.We would expect the Spearman correlation coefficient to be ________.

• A)equal to zero
• B)positive
• C)negative
• D)greater than 5
• E)greater than 1

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Definitions:

Elastic

Describing a situation where the demand or supply for a product responds significantly to changes in price.

OPEC

The Organization of the Petroleum Exporting Countries, an intergovernmental organization of 13 oil-producing nations that collaborate to manage the supply and set the price of oil.

Elastic

Describes a situation where the quantity demanded or supplied of a good or service significantly changes in response to a change in price.

Price Elasticity of Supply

A measure of how much the quantity supplied of a good responds to a change in the price of that good, with higher elasticity indicating greater responsiveness.