Understanding the Correlation Coefficient
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Questions and Answers

What does a correlation coefficient of -1 indicate?

  • No linear relationship
  • A perfect positive correlation
  • An inconsistent correlation
  • A perfect negative correlation (correct)

    • Which value represents a perfect positive correlation?

  • -1
  • 0
  • 2
  • 1 (correct)

    • What is the Pearson coefficient mainly used for?

  • Measuring inconsistent correlations
  • Determining dependent variables
  • Assessing nonlinear associations between variables
  • Measuring linear relationships between two variables (correct)

    • What does a correlation coefficient of 0 indicate?

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

    In finance, what is the purpose of using correlation coefficients?

    <p>Assessing the degree of association between two variables</p> Signup and view all the answers

    What does the Pearson coefficient measure?

    <p>The strength of the line of best fit</p> Signup and view all the answers

    In which scenario does a correlation coefficient of -1 or 1 occur?

    <p>When there is a perfect linear relationship between the variables</p> Signup and view all the answers

    What values describe a strong correlation in physics and chemistry?

    <p>-0.9 and 0.9</p> Signup and view all the answers

    How is the correlation coefficient calculated?

    <p>As the covariance divided by the product of standard deviations</p> Signup and view all the answers

    What determines the statistical significance of a correlation coefficient?

    <p>Both the p-value and data sample size</p> Signup and view all the answers

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