An economist plots a country's real GDP from 1950 to 2020 on a graph using a ratio scale on the vertical axis. The resulting line is exceptionally steep from 1950 until the mid-1970s, after which it becomes dramatically flatter for the remainder of the period. This pattern of a sharp change in the growth rate, rather than a steady trend, is most characteristic of which country's long-term economic performance?
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An economist plots a country's real GDP from 1950 to 2020 on a graph using a ratio scale on the vertical axis. The resulting line is exceptionally steep from 1950 until the mid-1970s, after which it becomes dramatically flatter for the remainder of the period. This pattern of a sharp change in the growth rate, rather than a steady trend, is most characteristic of which country's long-term economic performance?
Interpreting Economic Growth on a Ratio Scale
Interpreting a Variable Long-Term Growth Pattern
On a graph of a country's real GDP over time with a ratio scale on the vertical axis, a sharp decrease in the steepness of the line, such as that seen for Japan after its period of rapid post-war expansion, signifies that the country's real GDP began to decline.
A country's real GDP is plotted on a graph with a ratio scale on the vertical axis. For a 25-year period, the line on the graph is extremely steep. For the subsequent 30 years, the line becomes much flatter, but continues to have a slight positive slope. What is the most accurate conclusion that can be drawn from this graph?