Use the Spearman Rank Correlation Coefficient to Determine Whether the Correlation

question 21

Essay

Use the Spearman rank correlation coefficient to determine whether the correlation between the given variables is
significant. Be sure to do the following: Identify the claim mathematically and state the null and alternative hypotheses.
Determine the critical value and find the test statistic. Decide whether to reject or fail to reject the null hypothesis and
interpret the decision in the context of the original claim.
-The final exam scores of 10 randomly selected statistics students and the number of hours they studied for the
exam are given below. Can you conclude that there is a correlation between scores on the test and time spent
studying? Use $$\alpha = 0.01 .$$ $$\begin{array} { l | r r r r r r r r r r } \text { Hours } & 7 & 9 & 6 & 12 & 6 & 8 & 8 & 9 & 10 & 7 \\\hline \text { Score } & 69 & 84 & 64 & 92 & 70 & 82 & 89 & 94 & 94 & 75\end{array}$$

Understand the importance and impact of ethical codes in organizational behavior.

Identify and differentiate between various values and ethical principles guiding managerial behavior and decisions.

Analyze the role of managers in upholding ethical practices and the common types based on their ethical inclinations.

Understand the application and significance of Rokeach's value survey in evaluating individual and organizational ethical orientations.

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Definitions:

Monetary Policy

The actions taken by a central bank, currency board, or other regulatory authority to control the supply of money and interest rates in an economy.

Lender Of Last Resort

An institution, usually a country's central bank, that offers loans to banks or other eligible institutions that are experiencing financial difficulty or are considered highly risky.

M1 Money Supply

The total money supply that includes cash and liquid assets that are easily convertible into cash, such as demand deposits.

Monetary Policy

Actions undertaken by a central bank, such as the Federal Reserve, to control the money supply and interest rates to achieve macroeconomic objectives like controlling inflation, consumption, growth, and liquidity.