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The Pearson and the Spearman Correlations Are Both Computed for the Same

question 22

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The Pearson and the Spearman correlations are both computed for the same set of data.If the Pearson correlation is r = +1.00, then what can you conclude about the Spearman correlation?


Definitions:

Household

An individual or group of people living together and making joint decisions regarding consumption and finances.

Circular-Flow Diagram

A visualization of the economy that shows how dollars flow through markets among households and firms, highlighting the interactions between product and resource markets.

Factor Market

A factor market is the marketplace where productive resources like labor, capital, and natural resources are bought and sold.

Product Market

A marketplace where finished goods and services are bought and sold.

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