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, some of 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 below. O A. 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 B. A correlation cannot be greater than 1. OC. A correlation that is greater than 1 implies a weak correlation, not a strong correlation. O D. A correlation that is greater than 1 implies that the variables are not quantitative, so the correlation cannot be interpreted. b) 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 below. O 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. The corelation 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. OC. Since GDP is a qualitative variable instead of a quantitative variable, no meaningful interpretation can be drawn from the correlation. O D. A correlation of 0.83 is too weak draw a meaning conclusion about the relation between Literacy Rate and GDP.

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Contingency Table

A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.

Binomial Distribution

Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.