Business in globalized economy question

QUESTION: The disruptions to GVCs caused by the Covid-19 pandemic have led to a growing debate on whether globalization has gone too far. Examine the relationship between globalization and living standards by using the dataset from the file “Data2.xls” (please read data notes carefully).

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a) Openness to trade is one of the measures of globalization degree for a country. Explain why countries register an openness of more than 100%?

b) Visualize (using appropriate graph(s)) the relationship between openness and living standards based on the assignment data and interpret the graph.

c) Now direct yourself to the same data sources for find more data for Australia. Can you visualize the relationship between openness and living standards based on the Australia experience?

d)What post-pandemic trade policy recommendations would you make to the Australian government?

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