State University recently randomly sampled seven students and analyzed grade point average (GPA)and number of hours worked off-campus per week.The following data were observed: 
The test statistic for testing whether the two variables are significantly correlated is approximately z = 1.56.
Definitions:
Inflation Rate
A measure of how quickly the cost of goods and services rises, thereby reducing the purchasing power.
Fixed Price
A pricing strategy where the selling price of a product or service is set and not subject to change based on market fluctuations or bargaining.
Inflation Fallacy
The inflation fallacy refers to the mistaken belief that inflation erodes the real value of money without considering that wages may also rise with inflation.
Nominal Incomes
The amount of money earned by individuals or entities, not adjusted for inflation, expressed in current dollars.
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