John Took a Test That Required Him to Rank Order

question 72

Essay

John took a test that required him to rank order the importance of 15 items to help him survive in the desert.The following table shows his results along with the correct order.
$$\begin{array} { | c | c | c | } \hline \text { Item } & \text { Inhn's Order } & \text { Correct Order } \\\hline 1 & 1 & 4 \\\hline 2 & 11 & 9 \\\hline 3 & 5 & 3 \\\hline 4 & 12 & 15 \\\hline 5 & 6 & 12 \\\hline 6 & 10 & 5 \\\hline 7 & 3 & 1 \\\hline 8 & 15 & 10 \\\hline 9 & 8 & 14 \\\hline 10 & 9 & 7 \\\hline 11 & 14 & 11 \\\hline 12 & 4 & 2 \\\hline 13 & 13 & 13 \\\hline 14 & 2 & 6 \\\hline 15 & 7 & 8 \\\hline\end{array}$$ Calculate and interpret the Spearman coefficient of rank correlation and use the 0.01 level of significance in testing whether its true value could be something other than 0.

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Definitions:

Deflation

A decrease in the general price level of goods and services, typically indicative of a reduction in the supply of money and credit in the economy.

Excess Supply

A market situation where the quantity of a good or service offered for sale by producers exceeds the quantity that consumers are willing to buy, often leading to a fall in prices.

Price Level

An encompassing average of prices for goods and services produced at present in the economy.

U.S. Prices

Pertains to the cost of goods and services within the United States, which can be influenced by factors like inflation, demand, and economic policies.