Question
a) Using the data you obtained for Armenia and Costa Rica, calculate the correlation coefficient (using CORREL command in excel) between openness and GDP per
a) Using the data you obtained for Armenia and Costa Rica, calculate the correlation coefficient (using CORREL command in excel) between openness and GDP per capita (which is a proxy for economic development) for each nation. Report and interpret this relationship in up to 300 words and state for which country this relationship is stronger.
The correlation coefficient for Armenia using GDP per capita and openness is 0.095.
The correlation coefficient for Costa Rica using GDP per capita and openness is-0.87.
b) Using the data you obtained for Armenia and Costa Rica, calculate the correlation coefficient (using CORREL command in excel) between Openness and the GINI Index (which is a proxy for the ratio of skilled to unskilled wages for each nation in empirical studies).1 Report and interpret this relationship in up to 300 words and state for which country this relationship is stronger.
The correlation coefficient for Armenia using openness and the GINI Index is 0.51.
The correlation coefficient for Costa Rica using openness and the GINI index is 0.19.
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