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Understanding Correlation Coefficient
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Understanding Correlation Coefficient

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Questions and Answers

What does a Pearson correlation coefficient value of -1 indicate?

  • A perfect negative correlation (correct)
  • A strong negative correlation
  • A weak negative correlation
  • A moderate negative correlation

    • In which scenario would a correlation coefficient be considered meaningful according to the text?

  • Correlation coefficient lower than -0.9 in physics and chemistry
  • Correlation coefficient between -0.5 and 0.5 in social sciences
  • Correlation coefficient between -0.9 and 0.9 in physics and chemistry (correct)
  • Correlation coefficient higher than 0.5 in social sciences

    • How is the Pearson correlation coefficient calculated?

  • Adding covariance to the product of standard deviations
  • Dividing covariance by the product of variances
  • Dividing covariance by the product of standard deviations (correct)
  • Multiplying covariance by the sum of variances

    • What does a Pearson correlation coefficient value close to zero indicate about the relationship between variables?

    <p>A weak correlation</p> Signup and view all the answers

    When is a correlation coefficient considered statistically significant for sampled data?

    <p>When the p-value is low</p> Signup and view all the answers

    What does the line of best fit determined through regression analysis represent?

    <p>The line with the least errors from actual data points</p> Signup and view all the answers

    What does a correlation coefficient of -1 indicate?

    <p>A perfect negative correlation</p> Signup and view all the answers

    Which type of correlation coefficient is the most common for assessing linear relationships?

    <p>Pearson's r</p> Signup and view all the answers

    What does a correlation coefficient of 1 represent?

    <p>A perfect positive correlation</p> Signup and view all the answers

    Which industry might use correlation coefficients to assess the relationship between oil prices and stock returns?

    <p>Finance industry</p> Signup and view all the answers

    What limitation does the Pearson coefficient have when assessing relationships between variables?

    <p>It can only assess linear associations</p> Signup and view all the answers

    What is the significance of a correlation coefficient value of 0?

    <p>No linear relationship exists</p> Signup and view all the answers

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