&8 Question 1 of 5 This quiz: 18 point(s) possible This question: 8 point(s) possible Submit...

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&8 Question 1 of 5 This quiz: 18 point(s) possible This question: 8 point(s) possible Submit quiz An international institution 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 first accompanying table gives the mean and standard deviations of these variables for 95 economies. The second accompanying table gives the data for three countries. Complete parts (a) and (b). Click the icon to view the data tables. a) Use z-scores to combine the three measures. Calculate the z-scores for each measurement for all three countries. A B C Procedures (#) Time (Days) Cost (%) (Round to two decimal places as needed.) b) Which country has the best environment after combining the three measures? Be careful-a lower rank indicates a better environment to start up a business. Country has the best business environment because it has the combined z-score of (Round to two decimal places as needed.) Business Environment Rankings Procedures (#) Time (Days) Cost (%) Mean 6.9 25.9 17.1 SD 0.9 16.1 10.6 Country Procedures Time Cost A 9 49 11.1 B 12 24 44.4 C 11 40 24.4 Print Done - X &8 Question 1 of 5 This quiz: 18 point(s) possible This question: 8 point(s) possible Submit quiz An international institution 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 first accompanying table gives the mean and standard deviations of these variables for 95 economies. The second accompanying table gives the data for three countries. Complete parts (a) and (b). Click the icon to view the data tables. a) Use z-scores to combine the three measures. Calculate the z-scores for each measurement for all three countries. A B C Procedures (#) Time (Days) Cost (%) (Round to two decimal places as needed.) b) Which country has the best environment after combining the three measures? Be careful-a lower rank indicates a better environment to start up a business. Country has the best business environment because it has the combined z-score of (Round to two decimal places as needed.) Business Environment Rankings Procedures (#) Time (Days) Cost (%) Mean 6.9 25.9 17.1 SD 0.9 16.1 10.6 Country Procedures Time Cost A 9 49 11.1 B 12 24 44.4 C 11 40 24.4 Print Done - X