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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?

A weak correlation Signup and view all the answers

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

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

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

The line with the least errors from actual data points Signup and view all the answers

What does a correlation coefficient of -1 indicate?

A perfect negative correlation Signup and view all the answers

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

Pearson's r Signup and view all the answers

What does a correlation coefficient of 1 represent?

A perfect positive correlation Signup and view all the answers

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

Finance industry Signup and view all the answers

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

It can only assess linear associations Signup and view all the answers

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

No linear relationship exists Signup and view all the answers