World Bank. The World Bank, through their Doing Business project (www.doingbusiness.org), ranks nearly 200 economies on the ease of doing business. One of their rankings measures the ease of starting a business and is made up (in part) of the following variables: number of required start-up procedures, average start-up time (in days), and average start-up cost (in % of per capita income). The following table gives the mean and standard deviations of these variables for 95 economies.

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Procedures (#) Time (Days) Cost (%) Mean 7.9 27.9 14.2 SD 2.9 19.6 12.9 Here are the data for three countries. Procedures Time Cost Spain 10 47 15.1 Guatemala 11 26 47.3 Fiji 8 46 25.3 a) Use z-scores to combine the three measures. b) Which country has the best environment after combin- ing the three measures? Be careful-a lower rank indicates a better environment to start up a business.