Explain this table using loggdp, logimport and also explain if it significant and if it is what would be it contributing to gdp , also explain the rest of the datas in the table
In examining the impact of import on the economic growth, the analysis involved the analysis of 16 observations. The number of observations was 16, and due to this, a t-test was best suited to the survey. In this case, the outcomes as outlined by the tabular data above show that imports are significant in explaining the economic growth since the imports explain 93.90% and 93.46% of the variation in the economic growth as demonstrated by the r-square and adjusted r-square respectively. Ideally, this shows that the data fits nearly perfectly to the regression line. The standard error measures the accuracy with which a sample represents a population, and from the above results, it is clear that the statistics are accurate since the data has a small standard error. The data has a little spread, and this contributes significantly towards the accuracy of the dataset. The significance level used in the study is 0.05 implying that there was 5% of concluding that a difference exists when there are no actual differences. Since the p level (0) is less than the 0.05 significance level, it can be concluded that results of the study are valid and there is, therefore, a strong relationship between the imports and the economic growth. The null hypothesis which postulates that there is no relationship between imports and economic growth should thus be rejected.
Explain this table using loggdp , logexport and also explain if it significant or not and if it is what would be it contributing to gdp, also explain the rest of the datas in the table
In studying the relationship between the exports and economic growth, 16 observations were taken into considerations. In this case, the log of exports and economic growth was made whereby the economic growth was the dependent variable while the exports were the independent variable. From the results, it can be concluded that there is significant relationship exports and economic growth since the p-value (0) is less than the significance level of 0.05. The coefficient of determination is 0.8531 while the adjusted r-square was 0.8427 implying that exports explain 84.27% of the variation in the economic growth. The high adjusted r-squared shows that exports were a significant component of economic growth. The coefficient of exports is 1.662 implying that economic growth stood at 1.662 when the level of exports was zero.
Explain this table using loggdp, logtotaltrade and also explain if it significant or not and if it is what would be it contributing to gdp, also explain the rest of the datas in the table
In establishing the effect of total trade on economic growth, 16 observations were taken into consideration. Trade, in this case, was considered to be net exports. From the results, it is evident to see that the r-square was 0.9270 while the adjusted r-squared was 0.9218 which implies that total trade explains 92.18% of the economic growth in Nigeria. The high coefficient of determination shows that there is total trade fits well in the regression line and explains a significant portion of the data. The probability level (0) was less than the significance level of 1.314 implies that the null hypothesis which postulates that there is no significant relationship between total trade and economic growth should be rejected. The conclusion should, therefore, be that there is a significant association between total trade and economic growth. The coefficient is 1.566 implying the index of economic growth was 1.566 when the there was no trade.
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