Instructions: The included spreadsheet titled "Data Exercise 5.xlsx" contains The Fraser Institute's index of Economic Freedom for 2015. Suppose that through much study of the index methodology you determine that an index value less than 7.0 represents an economically restrictive country which we would expect to be inhospitable to investment and innovation and thus experience weak long-run growth. You would like to identify whether the countries in Asia are on average inhospitable to growth. . Use a hypothesis test to determine if the average index value of a country in Asia has an index value below 7.0. . You should use a 5% confidence level. . You may do either a critical value approach or a p-value approach to the hypothesis test. . Show all of your work including all five steps in your answer document. You may summarize the results of your spreadsheet calculations. There is no need to upload your spreadsheet. . Hint: In step 3 of the five step procedure for performing a hypothesis test you will have to calculate the mean and standard deviation for countries in Asia.\fOman Asia 6.64 Pakistan Asia 5.92 Pap. New Asia 6.43 Philippines Asia 7.47 Qatar Asia 7.43 Russia Asia 6.61 Saudi Arab Asia 6.24 Singapore Asia 8.8 Sri Lanka Asia 6.66 Taiwan Asia 7.7 Tajikistan Asia 6.8 Thailand Asia 6.74 Timor-Lest Asia 6.29 Turkey Asia 6.83 Unit. Arab Asia 7.49 Vietnam Asia 6.3 Yemen, Re Asia 6.18