Organization for Economic Cooperation and Development (OECD) Economics Assignment Help

Assignment Task

Task
The model is based on the oecd.csv data file available on e-class, which you should copy into your computer (if you have not done this previously). This data contains information on 28 variables for the 34 “generally richer” countries in the Organization for Economic Cooperation and Development (OECD). The variables and their values are described below, and the model’s postulated causal connections between the variables are illustrated here. dp.thousands.per.cap Gross Domestic Product is the value of goods and services produced by a country during a period minus the value of imports, scaled to (divided by) the country’s total population, reported in thousands of dollars. This is computed from gdp.per.cap (which in the oecd.csv data set is in dollars) by dividing by 1000 within R, to maintain a reasonable range of scale values. (Values on this variable range from 17.95 to 89.42) This is the net (“excess”) dollar value (in thousands of dollars) of products produced for/by/per each person in the country. ineq10 The ratio of the average income for the top 10% of the population, to the average income for the bottom 10% of the population, and indicates how-many-times-more people at the top of the income distribution earn compared to those at the bottom of the income distribution. (In the oecd.csv this variable’s values ranges from 5.30 to 28.50) This is an indication of the extent of economic inequality within the country. spending.per.cap Government spending on basic social programs (education, health, etc.) per capita, measured in thousands of dollars. This is computed from the variable spend.per.cap (which in the oecd.csv data set is in dollars) by divided by 1,000 within R, to maintain a reasonable range of scale values. (Values range from 1.23 to 19.56) trust Percentage of people in the country who agree with the statement “most people can be trusted” (values range from 10.0% to 66.5%). The means of these variables will be provided when you run the R syntax. The variances, covariances, and correlations for these variables are provided in tables at the end of this assignment so you can check the output you receive in your R console

1. What are the variance and standard deviation of the trust variable, and what do these indicate?
2. Provide a single “hand-drawn” diagram depicting both the covariance and correlation between gdp.thousands.per.cap and spending.per.cap which contains both the real scale and standardized scale for each of these variables on a single diagram.?

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