Correlation in Statistics for Economics
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1. What does correlation measure in statistics?
The average of a dataset · The relationship between two variables · The total sum of values · The variance of a dataset
2. Which of the following values indicates a perfect positive correlation?
-1 · 0 · 1 · 0.5
3. What is the value of correlation coefficient when there is no correlation?
1 · -1 · 0 · 0.5
4. Which method is commonly used to calculate the correlation coefficient?
Mean method · Median method · Pearson's method · Mode method
5. If the correlation coefficient between two variables is -0.8, what does it indicate?
Strong positive correlation · Weak positive correlation · Strong negative correlation · No correlation
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