(20 of 21) Use the scenario described below to answer the following question. You are performing Economics research and are analyzing decadal data since 1970 on the socioeconomic status of countries around the world. You are interested in how GDP per capita and years of education, as well as the year, affect a country's Socioeconomic Status Score (SES). You decide to make dummy variables to represent the different years, using 1970 as the base case, and you will examine your residual plots for potential violations. For this question, you will need to download the SES Country Data. Use the data analysis tool pack in Excel to run a regression. You will need to use an IF command to create dummy variables for the different years (like in the CH 8 lab). Also, be sure to check the "Residual Plots" box when you run the regression, as you will need them for some questions, After applying the two corrections from 14 and 16, calculate the residual for the United States in 1970. Round the coefficients and inputs to 4 decimals when doing the calculations. Round your final answer to 2 decimal places. Hint: This will require you to go back into the data and obtain your values for the United States in 1970. Recall that the formula for the Residual = Actual Value - Predicted Value (20 of 21) Use the scenario described below to answer the following question. You are performing Economics research and are analyzing decadal data since 1970 on the socioeconomic status of countries around the world. You are interested in how GDP per capita and years of education, as well as the year, affect a country's Socioeconomic Status Score (SES). You decide to make dummy variables to represent the different years, using 1970 as the base case, and you will examine your residual plots for potential violations. For this question, you will need to download the SES Country Data. Use the data analysis tool pack in Excel to run a regression. You will need to use an IF command to create dummy variables for the different years (like in the CH 8 lab). Also, be sure to check the "Residual Plots" box when you run the regression, as you will need them for some questions, After applying the two corrections from 14 and 16, calculate the residual for the United States in 1970. Round the coefficients and inputs to 4 decimals when doing the calculations. Round your final answer to 2 decimal places. Hint: This will require you to go back into the data and obtain your values for the United States in 1970. Recall that the formula for the Residual = Actual Value - Predicted Value
