Given the Linear Correlation Coefficient R and the Sample Size

question 57

Multiple Choice

Given the linear correlation coefficient r and the sample size n, determine the critical values of r and use your finding to state whether or not the given r represents a significant linear correlation. Use a significance level of 0.05 .
r=0.767, n=25

• A) Critical values: r= ±0.487 , significant linear correlation
• B) Critical values: r= ±0.396 , no significant linear correlation
• C) Critical values: r= ±0.396 , significant linear correlation
• D) Critical values: r= ±0.487 , no significant linear correlation

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Definitions:

Standard Labour Rate

The predetermined cost associated with labor per unit of time, used as a benchmark for budgeting and cost control.

Actual Total Labour Cost

The actual amount spent on wages and salaries for employees directly involved in the production process.

Actual Hours

The real number of hours worked or spent on a specific task, project, or production process.

Materials Quantity Variance

The difference between the actual quantity of materials used in production and the standard quantity expected, multiplied by the standard cost per unit.