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Two sample t test

Data set: two univariate data sets

Use the World Bank's data website, I need to:
- Pick out two variables that have to do with Economics or Business. For instance, this can include things such as GDP, GDP growth, agricultural production, imports, exports, trade deficit, employment, etc, but not things such as life expectancy, literacy rates, etc, or other health or environmental variables.
- For each of these two variables, I need to find the numbers for ALL of the countries that are included in Asia and Europe (to be treated as one group) for the year 2007
- Afterwards I will compare (individually) each of the two variables I chose to see if Europe/Asia has a higher, lower, or just a different average (variable) than the rest of the world, so I will also need the world average for each of those variables.

- These data sets are to be treated as two separate data sets and assignments. So the best way of doing is would be to open up a second worksheet in the same workbook (see the tabs at the bottom of the page). Please nme/label them so I know what is what.
- Prior to running the statistics, I need a couple of sentences describing my data set and why I chose this data. (not an essay, just a few sentences at most)
- Also, prior to running the statistics, I will need a statement regarding what relationship I expect to see from the data.
- Next I need the descriptive statistics for both sets of data individually.
- I need to set up my H0 and H1 appropriately for each set of data. Keeping in mind that I will be comparing the variable for Europe/Asia to the average for the rest of the world. I also need to set up one of these two data sets' hypothesis as one-tailed, and set up the other hypothesis/data set as two-tailed.
- Make a choice of an appropriate significance level and state my significance level and why that significance level is appropriate.
- Next run the appropriate chart/test to get the needed statistic to test my hypothesis.
- Then run the confidence level estimate
- Finally, I will need to be able to explain the results. What does the result I have mean for my H0 and H1?Use statistical terminology and then also explain it in everyday language how it pertains to what I am testing.
- Finally, I do not need to calculate it, but explain my possible Type I and Type II errors for each data set.

Solution Summary

Over 350 words including step by step calculations of the two sample t test comparison of the GDP of Europe/Asia and the rest of the world. Both one tail and two tail p values are thoroughly explained and calculated.