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blunt-1U L 1'1! Pullllfo The gravity model of trade predicts dtat the volume of trade between two countries is positively related to the size of

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\"blunt-1U\" L 1'1!\" Pullllfo The gravity model of trade predicts dtat the volume of trade between two countries is positively related to the size of the two economies. To examine this relationship, find the top 20 trading partners for any ONE of the following ve countries: Australia, Italy, lndonesia, Argentina and Qatar ; and then nd the value of export (for the country of your choice) to each trading partner as well their GDPs for the year 2013. Use Microsoft Excel or anyr other spreadsheet program to make a scatter plot that focuses on size {GDP} as a determinant of trade. The figure should have GDP {as a percent of the GDP of all top 20 export destinations} on the horizontal axis, and exports (as a percent of the exports to all top 20 export destinations) on the vertical axis. Explain whether your scatter plot shows any correlation between bilateral trade volume and the size of an economy as predicted by the gravity model of trade. Note: As data on exports are in millions. convert the GDPs into millions as well. Data: Go to the International Monetary Fund site at httpnjgdataitniorg? sit=9D6023D4F14A-464C-h2F2-59B2CD424B358s1d=15144982??103 to find the volume of export to each of the top 20 trading partners of your selected country. If

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