Use the Rank Correlation Coefficient to Test for a Correlation

question 67

Essay

Use the rank correlation coefficient to test for a correlation between the two variables.
-Given that the rank correlation coefficient, rs, for 73 pairs of data is -0.663, test the claim of correlation between the two variables. Use a significance level of 0.05.

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Definitions:

Foreign Company

A business entity that is registered, operates, or is based in a country other than the one where it conducts most of its operations or sales.

Exporting

The act of sending goods or services to another country for sale.

Licensing

A business arrangement in which one company gives another company permission to manufacture its product for a specified payment.

Least Risky

Describes an option or decision that poses the smallest potential for loss, harm, or adverse outcomes.