Which of the following statements is the most accurate about the correlation coefficient and covariance? The covariance takes values between -1 and 1 while the value of the correlation coefficient can be anything on a real line The value of the correlation coefficient can be used to judge about the strength and the direction of the linear relationship while the value of covariance can be used to describe only the direction of the linear relationship The covariance is generally larger than the correlation coefficient. The covariance and correlation coefficient for the sample are represented by different signs, one is negative while the other is positive and vice versa.
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Step 1: The correlation coefficient is a single value that indicates the strength and direction of the linear relationship between two variables. Show more…
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Which of the following is false? Correlation coefficient and the slope always have the same sign (positive or negative). Correlation measures the strength of linear association between two numerical variables. If the correlation coefficient is 1, then the slope must be 1 as well. If the correlation between two variables is close to 0.01, then there is a very weak linear relation between them.
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