Question: Please help and explain An Economics instructor assigns a class to investigate factors associated with the gross domestic product (GDP) of nations. Each student examines

Please help and explain

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. A. A correlation that is greater than 1 implies a weak correlation, not a strong correlation. O B. 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 C. A correlation that is greater than 1 implies that the variables are not quantitative. so the correlation cannot be interpreted. O D. A correlation cannot be greater than 1. 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. 0 A. 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. 0 B. Assuming that the relation is linear, the strong correlation shows a relation between Literacy Rate and GDP, but this does not show causality. O C. A correlation of 0.83 is too weak to draw a meaning conclusion about the relation between Literacy Rate and GDP. O D. Since GDP is a qualitative variable instead of a quantitative variable, no meaningful interpretation can be drawn from the correlation

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