A Shipping Company Believes There Is a Linear Association Between

question 111

Multiple Choice

A shipping company believes there is a linear association between the weight of packages shipped and the cost. The following table shows the weight (in pounds) and cost (in dollars) of the last seven packages shipped. To determine if the weights and costs are significantly correlated, the competing hypothesis is ________.

• A) H₀: ρ_s ≤ 0; H_A: ρ_s > 0
• B) H₀: ρ_s ≥ 0; H_A: ρ_s < 0
• C) H₀: ρ_s ≠ 0; H_A: ρ_s = 0
• D) H₀: ρ_s = 0; H_A: ρ_s ≠ 0

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Definitions:

Good

A material item that can be touched, used, or consumed, which is produced to fulfill wants or needs.

Service

A type of economic activity that is intangible, is not stored, and does not result in ownership; services are produced and consumed at the same time.

Exchange

The act of giving one thing and receiving another in return, often referring to the trade of goods, services, or financial instruments.

Functions Of Money

The core roles money plays in an economy, including serving as a medium of exchange, a unit of account, a store of value, and sometimes, a standard of deferred payment.