Follow the instructions above on how to get the data.Read Chapter 1 of the textbook very carefully.
1. Calculate openness for each of the two countries. Explain how you calculated
openness (do not show the calculations or raw data). Using a graph of openness
versus time, explain in up to 50 words how openness has changed for these
countries from 1985 to 2005. Make sure your graph is properly labelled. (10
marks)
2. Explain in up to 100 words the relationship between openness and economic
development by calculating the correlation coefficient between GDP per capita
(proxy for economic development) and openness for each of the two countries,
respectively. [Here you have to use the CORREL command in Excel]. DO NOT
ATTACH YOUR DATA TO THE ASSIGNMENT. (10 marks)
3. Explain in up to 300 words the factors that you think drive openness in these two
countries. [Note that these factors can be positive or negative]. If you use
information, reference it. References do not count in the word count. (5
marks)
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