An Economics instructor assigns a class to investigate factors associated with the gross domestic product (GDP) of nations. Each student examines a different factor (such as life expectancy, literacy rate, etc.) for a few countries and reports to the class. Apparently, someof the classmates do not understand Statistics very well because several of their conclusions are incorrect. Explain the mistakes in comments a and b below.a) Explain the mistake in the statement "There was a very strong correlation of 1.22 between Life Expectancy and GDP" Choose the correct answer belowO A. A correlation cannot be greater than 1.O B. A correlation that is greater than 1 implies that the variables are not quantitative, so the correlation cannot be interpreted.OC. A correlation that is close to 1 implies a very weak correlation. The correlation must be close to 10 for it to be interpreted as a very strong correlation.O D. A correlation that is greater than 1 implies a weak correlation, not a strong correlationb) Explain the mistake in the following statement. "The correlation between Literacy Rate and GDP was 0.83. This shows that countries wanting to increase their standard of living should invest heavily in education" Choose the correct answer belowO A. Assuming that the relation is linear, the strong correlation shows a relation between Literacy Rate and GDP, but this does not show causality.O B. Acorrelation of 0.83 is too weak to draw a meaning conclusion about the relation between Literacy Rate and GDP.OC. Since GDP is a qualitative variable instead of a quantitative variable, no meaningful interpretation can be drawn from the correlationO D. The correlation indicates that an increase in the standard of living would result in an increase in the spending in education, but it cannot imply the reverse, which is that an increase in the spending in education would increase the standard of living

An Economics instructor assigns a class to investigate factors associated with the gross domestic…

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MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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