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 Brazil and Thailand, respectively.

ANSWER THE ALL 3 QUESTIONS FOLLOWING THE INSTRUCTIONS

1. Calculate openness for Brazil and Thailand. Explain how you calculated openness. Using a graph of openness versus time, explain in up to 50 words how openness has changed for these countries from 1985 to 2010. Make sure your graph is properly labelled. (8 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 Brazil and Thailand, respectively. [Here you have to use the CORREL command in Excel]. (8 marks)
3. Explain in up to 250 words the factors that you think drive openness in these two countries. [Note that these factors can be positive or negative](4 marks)

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