statistics project analyzing -- 3

Using R Studio software , Which US presidents, Republicans or Democrats, are the “best” steward of the US economy? The data to be used is from the 2008 Economic Report of the President and is available online if you are interested: [[login to view URL]]. Six variables are included in the dataset: Year: (1960-2012) The data starts in 1960, as a sort of general beginning of the “modern” government/ budget/economic era. Unemployment: Civilian unemployment rate, in percent. GDP Growth: Percent change, over the previous year, in the real gross domestic product. Inflation: Percent change in special consumer price index (CPI), December to December. Surplus: Surplus (positive) or deficit (negative) in the federal budget, as a percent of GDP. Party: Political party of the president responsible for that budget year. R = Republican and D = Democratic. One of the most important things that a president does to influence the economy is prepare/propose/haggle and (hopefully) eventually sign a federal budget. The federal budget in the first year of a president’s term is set by the president in the previous year, so this was used as a time lag. For instance, 1960 was a republican year; Kennedy took office in January of 1961, but he had effectively no budgetary influence until the new federal fiscal year began in the following October. Thus, 1961 is assigned as a Republican year. The idea for this dataset came from Michael Kinsley, writing for the Los Angeles Times, in a paper published in August 2004 (he has also reprised his analysis in [login to view URL]). He took some of these variables and calculated and compared MEANS only; no consideration for any sort of variation, let alone at any attempt at valid statistical inferences. Your task is to conduct a more thorough analysis. 1. Obtain summary statistics for each of the 4 economic variables BY Party. You will not be using the Year variable and the Party variable will be used as your grouping variable. Include count, mean, sd, variance, and 5 number summary. 2. Create boxplots (in pairs by Party) of each of the variables. 3. Create histograms of all variables by party. 4. Perform a 2-sample t-test on each of the 4 economic variables, using Party as the categorical variable. Perform the tests with 2 sided alternative hypotheses, using  = 0.05. For each test, obtain the output table with the numerical analyses (including the variance test to determine which 2-sample t-test is the appropriate test). ALL relevant R code MUST be included. Use the csv file located in the uploaded files called economy.