2. The Fraser Institute computes an index of Economic Freedom every year. The 2015 data is in a spreadsheet which you can download from Canvas. Suppose that through much study of the index methodology you determine that an index value of 7.75 represents an economically free country which we would expect to be conducive to investment and innovation and thus experience strong long-run growth. You would like to identify the top quartile as the group that fits this definition. Use a hypothesis test to determine if the average index value of a country in the top quartile has an index value above 7.75. You should use a 5% confidence level. You can do either a critical value approach or a p-value approach to the hypothesis test. (Hint: In step 3 of the ve step procedure for performing a hypothesis test you will have to find which countries are in the top quartile and then calculate the mean and standard deviation for this group.) Data source: Fraser Institute, Vancouver, Canada, (https:[[wwwfraserinstitute.org)