The Correlation Coefficient Is Used to Measure the ______ and ______

question 38

Multiple Choice

The correlation coefficient is used to measure the ______ and ______ of the linear relationship between two factors.

• A) date, time
• B) mean, variance
• C) significance, effect size
• D) strength, direction

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Definitions:

Box

A container, often square or rectangular, used for storage or shipping.

Consumer Surplus

Consumer surplus is the difference between the total amount consumers are willing to pay for a good or service and the total amount they actually pay.

Producer Surplus

The difference between what producers are willing to accept for a product because of its cost of production and what they actually receive (the market price).

Economy

A system for coordinating society’s productive activities.