A Hypothesis Test That a Rank Correlation Coefficient Is Zero

question 22

Multiple Choice

A hypothesis test that a rank correlation coefficient is zero is conducted at the 5% level of significance. If the correlation coefficient is 0.50 for a sample of 15 observations,what is the computed value of the t-statistic?

• A)0.456
• B)6.08
• C)2.082
• D)2.2361

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Definitions:

Complementariness

The characteristic of goods or services that increases their value when used together with other goods or services, enhancing consumer satisfaction or utility.

Substitutability

The degree to which one good or service can be replaced by another in consumption or production, often influencing competition and pricing in markets.

Elasticity of Supply

A measure of how much the quantity supplied of a good or service changes in response to a change in price.

Factor of Production

Inputs used in the production of goods or services, typically categorized into land, labor, capital, and entrepreneurship.