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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 temperatures on randomly chosen days during a summer class and the number of absences from class on
those days are listed below. Can you conclude that there is a correlation between temperature and the number
absent? Use
Economy Expands
A phase of the economic cycle where there is an increase in industrial production, employment, income, and sales, indicating overall growth in the economy.
Economic Efficiency
A state in which resources are allocated in a way that maximizes the total utility to society, minimizing waste and inefficiency.
Minimum Units
The smallest quantity of something required or allowed, especially in the context of production or inventory.
Market System
An economic system where decisions regarding investment, production, and distribution are based on supply and demand, and prices of goods and services are determined in a free price system.
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