"what statistical test is used to test the significance of the correlation coefficient"

The hypothesis test is the name of the test which used to test the significance of correlation coefficient.

Hypothesis testing is the process in which two sets of statistical data are compared against a formed or designed set of data from an ideal model. A hypothesis is considered as null hypothesis statement in which no relationship find between two variables.

While on the other side, a hypothesis is considered as alternative hypothesis statement in which there is some statistical importance between two measured phenomenon’s.  

protectionism fosters competition and keeps price regulated is not an argument in favor of protectionism.

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