The Difference in Land Prices Between Washington, D

question 82

True/False

The difference in land prices between Washington, D.C., and Tulsa, Oklahoma, is an example of a permanent resource price differential.

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Definitions:

Correlation Coefficient

A rephrased definition from KT-15: A numerical index ranging from -1 to 1 that indicates the extent to which two variables have a linear relationship.

Interval Variables

Another term for interval data, indicating variables measured along a scale on which each point is placed at equal distance from one another, with meaningful quantifiable differences but without a true zero.

Spearman Correlation

A measure of rank correlation, independent of parametric assumptions, which determines how accurately a monotonic function can depict the relationship between two variables.

Sample Statistic

A numerical measurement describing some aspect of a sample taken from a population.