Trade balance (or balance of trade) is the difference between the value of exports and imports

Question 1 ï‚· Trade balance (or balance of trade) is the difference between the value of exports and imports. ï‚· A country is said to have a trade surplus if the value of exports is greater than the value of imports. ï‚· Alternatively, a country is said to have a trade deficit if the value of imports is greater than the value of exports. In this question we will consider the balance of trade for N = 219 countries for the period of January 2016. The data is stored in Moodle under this assignment document. ï‚· Open this file in Excel. ï‚· You should see trade balance data in Column B for N = 219 countries where the name of the associated country is stored in Column A. ï‚· A negative value for the trade balance indicates a trade deficit and a positive value indicates a trade surplus. ï‚· Use Excel to answer questions (a) and (b). Note: If you are asked to state the Excel formula used, write the entire formula including cells) (a) Calculate the population average of these trade balances. The population average is The Excel formula used was (b) Calculate the population standard deviation of these trade balances. The population standard deviation is The Excel formula used was