A Correlation Coefficient of -1

question 64

Multiple Choice

A correlation coefficient of -1.0 between two sets of numbers indicates

• A) a complete lack of any correlation between the two sets.
• B) that when one set of numbers goes up, so does the other set.
• C) that when one set of numbers goes up, the other set goes down.
• D) a positive correlation between the two sets.
• E) an indefinite relationship between the two sets.

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Definitions:

Trade Restrictions

Measures imposed by governments to control the flow of goods and services across borders, including tariffs, quotas, and import bans, often with the aim of protecting domestic industries.

Quantity Supplied

The total amount of a good or service that producers are willing and able to sell at a specific price over a defined period of time.

Producer Surplus

The difference between what producers are willing to accept for a good or service and what they actually receive, due to higher market prices.

Specific Tariff

A fixed fee charged on a per unit basis for a good imported into a country.