When Only Ordinal-Level Data Are Available, Spearman's Rank Correlation Rather

question 1

True/False

When only ordinal-level data are available, Spearman's rank correlation rather than the Pearson product-moment correlation coefficient must be used to analyze the association between two variables.

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Definitions:

Behavioral Economics

A field of economics that studies how psychological, social, cognitive, and emotional factors influence economic decisions of individuals and institutions.

Stock Portfolio

A collection of stocks that an individual or institution holds, representing investments across one or more types of stock, sectors, or industries.

Positive Utility

The benefit or satisfaction gained from the consumption of goods or services that contribute to an individual's well-being and happiness.

Availability Heuristic

A mental shortcut that relies on immediate examples that come to mind when evaluating a specific topic, concept, method, or decision, which can lead to biases.