By letting the GDP (gross domestic product) be the dependent variable (y), and the year (2002 - 2021) be the independent variable (x), answer the following question: Determine the correlation between the GDP and year and develop the estimated equation for Ethiopia and Germany. Refer to the summary output of the two countries in the image attached below and interpret the coefficient for the independent variable. Determine whether the regression model is significant at 1% significance level.

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Question
Years
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Ethiopia (GDP) Germany (GDP)
7850809498.17 2078484517474.51
8623691300.04 2501640388482.35
10131187261.44 2814353869359.08
12401139453.97 2846864211175.10
15280861834.60 2994703642023.53
19707616772.80 3425578382921.58
27066912635.22 3745264093617.19
3411261212652.34
32437389116.04
29933790334.34 3399667820000.01
31952763089.33 3749314991050.59
3527143188785.16
43310721414.08
47648211133.22 3733804649549.03
55612228233.52 3889093051023.52
64589334978.80 3357585719351.56
74296618481.09 3469853463945.53
81770791970.98 3690849152517.65
84269348327.35 3974443355019.60
95912590628.14 3888226035921.56
107657734392.45 3889668895299.62
111271112329.98 4259934911821.64
By letting the GDP (gross domestic product) be the dependent variable (y), and the year (2002-2021) be the independent variable (x), answer
the following question:
Determine the correlation between the GDP and year and develop the estimated equation for Ethiopia and Germany. Refer to the summary
output of the two countries in the image attached below and interpret the coefficient for the independent variable. Determine whether the
regression model is significant at 1% significance level.
Transcribed Image Text:Years 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Ethiopia (GDP) Germany (GDP) 7850809498.17 2078484517474.51 8623691300.04 2501640388482.35 10131187261.44 2814353869359.08 12401139453.97 2846864211175.10 15280861834.60 2994703642023.53 19707616772.80 3425578382921.58 27066912635.22 3745264093617.19 3411261212652.34 32437389116.04 29933790334.34 3399667820000.01 31952763089.33 3749314991050.59 3527143188785.16 43310721414.08 47648211133.22 3733804649549.03 55612228233.52 3889093051023.52 64589334978.80 3357585719351.56 74296618481.09 3469853463945.53 81770791970.98 3690849152517.65 84269348327.35 3974443355019.60 95912590628.14 3888226035921.56 107657734392.45 3889668895299.62 111271112329.98 4259934911821.64 By letting the GDP (gross domestic product) be the dependent variable (y), and the year (2002-2021) be the independent variable (x), answer the following question: Determine the correlation between the GDP and year and develop the estimated equation for Ethiopia and Germany. Refer to the summary output of the two countries in the image attached below and interpret the coefficient for the independent variable. Determine whether the regression model is significant at 1% significance level.
SUMMARY OUTPUT (Germany)
Multiple R
R Square
Adjusted R Square
Standard Error
Observations
ANOVA
Regression
Residual
Total
Intercept
Regression Statistics
SUMMARY OUTPUT (Ethiopia)
ANOVA
Multiple R
R Square
Adjusted R Square
Standard Error
Observations
Regression
Residual
Total
Intercept
Regression Statistics
0.845143244
0.714267104
0.697459286
2.48156E+11
2002
df
19
df
t Stat
P-value Lower 95%
Upper 95%
Lower 95.0% Upper 95.0%
-6.351346854 7.23515E-06 -1.76948E+14 -8.87032E+13 -1.76948E+14 -8.87032E+13
2002 67758187612 10394105434 6.518905166 5.25188E-06 45828542050 89687833173 45828542050 89687833173
Coefficients Standard Error
-1.32826E+14
2.0913E+13
0.980772659
0.961915008
0.959674714
6802516289
17
18 3.66385E+24
1
19
SS
MS
F
2.61697E+24 2.61697E+24 42.49612457
1.04688E+24 6.15813E+22
1
Significance F
5.25188E-06
SS
MS
F
Significance F
1.98688E+22 1.98688E+22 429.370057 1.67599E-13
7.86662E+20 4.62742E+19
17
18 2.06554E+22
Upper 95% Lower 95.0% Upper 95.0%
Coefficients Standard Error t Stat
P-value Lower 95%
-1.18287E+13 5.73273E+11 -20.63359563 1.79653E-13 -1.30382E+13 -1.06192E+13 -1.30382E+13 -1.06192E+13
5904022990 284926053.4 20.72124651 1.67599E-13 5302881564 6505164416 5302881564 6505164416
Transcribed Image Text:SUMMARY OUTPUT (Germany) Multiple R R Square Adjusted R Square Standard Error Observations ANOVA Regression Residual Total Intercept Regression Statistics SUMMARY OUTPUT (Ethiopia) ANOVA Multiple R R Square Adjusted R Square Standard Error Observations Regression Residual Total Intercept Regression Statistics 0.845143244 0.714267104 0.697459286 2.48156E+11 2002 df 19 df t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0% -6.351346854 7.23515E-06 -1.76948E+14 -8.87032E+13 -1.76948E+14 -8.87032E+13 2002 67758187612 10394105434 6.518905166 5.25188E-06 45828542050 89687833173 45828542050 89687833173 Coefficients Standard Error -1.32826E+14 2.0913E+13 0.980772659 0.961915008 0.959674714 6802516289 17 18 3.66385E+24 1 19 SS MS F 2.61697E+24 2.61697E+24 42.49612457 1.04688E+24 6.15813E+22 1 Significance F 5.25188E-06 SS MS F Significance F 1.98688E+22 1.98688E+22 429.370057 1.67599E-13 7.86662E+20 4.62742E+19 17 18 2.06554E+22 Upper 95% Lower 95.0% Upper 95.0% Coefficients Standard Error t Stat P-value Lower 95% -1.18287E+13 5.73273E+11 -20.63359563 1.79653E-13 -1.30382E+13 -1.06192E+13 -1.30382E+13 -1.06192E+13 5904022990 284926053.4 20.72124651 1.67599E-13 5302881564 6505164416 5302881564 6505164416
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