Identify What Is Wrong with Each of the Following Statements $- 0.66 / 60 = - 0.011$

question 273

Essay

Identify what is wrong with each of the following statements:
a. The correlation between Olympic gold medal times for the 800m hurdles and year is
-0.66 seconds per year.
b. The correlation between Olympic gold medal times for the 100m dash and year is -1.37.
c. Since the correlation between Olympic gold medal times for the 800m hurdles and 100m
dash is -0. 41, the correlation between times for the 100m dash and the 800m hurdles is
+0.41.
d. If we were to measure Olympic gold medal times for the 800m hurdles in minutes
instead of seconds, the correlation would be $- 0.66 / 60 = - 0.011$

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Definitions:

Karl Marx

A 19th-century philosopher, economist, and political theorist known for his critical theories about capitalism and his influence on the development of socialist and communist movements.

Capitalist

A person who supports or engages in the principles of capitalism, a system where trade, industries, and the means of production are largely or entirely privately owned and operated for profit.

Invisible Hand

A metaphor introduced by Adam Smith to describe the self-regulating nature of the market economy driven by individuals' pursuit of their own interests.

Price Mechanism

The system by which the prices of goods and services are determined in a free market, based on the principles of supply and demand.