Questions for (CN.3) Correlations (2nd set of questions)
Please answer the following questions related to the chapter (CN.3) Correlations (http://seedsppp.blogspot.com/2012/08/ada6-correlations.html). You do not need any data for this assignment.
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1. In 2005, Ben Bernanke assumed what about the correlation between houses prices in different regions in the U.S.?
(See Section B)
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2. In reality, around 2007 house prices across regions were ...?
Figure 1—Use the following chart to answer questions 3-5.
3. Suppose that you are a seller of Crop A. Given the correlations revealed in the graph above, you can cross-hedge your crop by _____ Crop B futures now and ____ Crop B futures later.
(See Section but also class notes.)
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4. Suppose that you are a seller of Crop A. Given the correlations revealed in the graph above, you can cross-hedge your crop by _____ Crop D futures now and ____ Crop D futures later.
(See Section but also class notes.)
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5. Suppose that you are a seller of Crop A. Given the correlations revealed in the graph above, you can cross-hedge your crop by _____ Crop C futures now and ____ Crop C futures later.
(See Section but also class notes.)
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6. The Infinite Monkey Theorem states that if an infinite number of monkeys randomly hit keys on a keyboard for an infinite amount of time, it is certain that one of them will write ...?
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7. The Infinite Monkey Theorem suggests that if you look hard enough, even if none exists, you will discover a rather compelling ... ?
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8. The Dilbert cartoon in Figure 4 suggests that correlation is not _____?
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9. If two variables are trending upward or downward over time, like the number of pirates (decreasing) and global temperature (increasing) the two variables will be correlated, but it will be a _____ correlation.
(See Section J.1)
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10. In Video 6, Homer was made by his daughter to believe a _____ could keep away bears.
(See Section J.1)
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11. Figure 6 shows that which of the following variables is(are) correlated with obesity?
(Check all that apply. To make the graph bigger right-click on it, select open in new tab/window, then hit the ctrl and "+" keys simultaneously.)
12. Economists Hayes and Xiaodong wrote a paper showing a negative correlation between ethanol production and gas prices. Arguing this was mere correlation and not causation, economists Knittel and Smith showed that _______ is(are) also correlated with gas prices.
(See Section J.3)
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13. Suppose you have data on 2 completely unrelated variables, like 2 sets of random numbers. If you calculate the correlation between each variable and all the others, the probability that you will find a statistically significant correlation is ...?
(See Section L)
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14. Suppose you have data on 50,000 completely unrelated variables, like 50,000 sets of random numbers. If you calculate the correlation between each variable and all the others, the probability that you will find a statistically significant correlation is ...?
(See Section L)
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15. According to the quotes at the end of the book, one reason that statistics in the scientific literature are misleading is that ...?
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