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7. A study of 10 countries showed that smaller the percentage change in wages, smaller is...

7. A study of 10 countries showed that smaller the percentage change in wages, smaller is the percentage change in consumer prices. a. Identify the explanatory variable and state its units b. Identify the response variable and state its units c. Which of the following is a possible value for the linear correlation coefficient between the percentage change in wages and the percentage change in consumer prices? A) 0.7 B) -0.65 C) -0.85 D) 1.1

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Answer #1

Answer:

Given that:

A study of countries showed that smaller the perecentage change in wages, smaller is the percentage change in consumer prices.

a). Explanatory variable = Wage

Unit = Dollar

b). Response variable = Consumer prices

Unit = Dollar

c). We are given smaller % change in wages

i.e Small change in consumer price

i.e Corelation is positive

And we know that

-----------> 0.7 is correct answer

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