A natural measure of the association between two random variables is the correlation coefficient.
Answer the following statement true (T) or false (F)
True
Rationale: FEEDBACK: A natural measure of the association between two random variables is the correlation coefficient.
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Game theory reveals that
A) the equilibrium might not be the best solution for the parties involved. B) firms in oligopoly are not interdependent. C) each player looks after what is best for the industry. D) if all firms in an oligopoly take the action that maximizes their profit, then the equilibrium will have the largest possible combined profit of all the firms. E) firms in an oligopoly choose their actions without regard for what the other firms might do.
The Philippines and Vietnam have roughly the same size population. Suppose the GDP of the Philippines is $1,000 billion and the GDP of Vietnam is $10,000 billion. You should conclude
A) it is not possible to make a good comparison of the economic well being of a typical individual in the 2 countries without additional information. B) a typical person in Vietnam is 10 times as well off as the typical person in the Philippines. C) a typical person in Vietnam is more than 10 times as well off as the typical person in the Philippines. D) a typical person in Vietnam is less than 10 times as well off as the typical person in the Philippines.
The stock of assets owned by a person, household, firm or nation is
A) real disposable income. B) wealth. C) capital investment. D) capital goods.
The market for chewing gum is competitive with a current price of 50 cents per pack and a quantity of 100,000 packs per day. Which of the following events would lead to a new equilibrium price of 75 cents and a new equilibrium quantity of 125,000?
a. an increase in the price of other kinds of candy b. an increase in the price of the ingredients used to make chewing gum c. an agreement by workers in the chewing gum industry to work for lower wages d. a decrease in the number of young people in the population e. a decrease in income