The Spearman Rank Correlation Coefficient Is Used to Determine If

question 96

Multiple Choice

The Spearman rank correlation coefficient is used to determine if a relationship exits between two variables when:

• A)one of the variables is ordinal.
• B)both of the variables are ordinal.
• C)both variables are interval and the normality requirement is not satisfied.
• D)All of these choices are true.

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Definitions:

Full Employment

A situation in an economy where all available labor resources are being used in the most efficient way possible.

Marginal Rate

Often refers to the marginal rate of substitution or marginal rate of transformation in economics, indicating the rate at which one good can be substituted for another.

Transformation

The process of converting inputs into outputs, often relating to the change of raw materials into finished products in the context of production.

Opportunity Cost

The rejection of potential benefits from alternative propositions when favoring one.