Italy's Higher Living Standards in the 14th Century
Figure 1.1 illustrates that during the 14th century, Italy had superior average living standards compared to other countries for which historical data exists. This observation is an example of the insights that can be drawn from analyzing the historical GDP per capita trends depicted in the graph.
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Based on the general pattern shown in the 'history's hockey stick' graph of GDP per capita, it is accurate to conclude that for most of the countries depicted, the average person's material living standard in the year 1600 was fundamentally similar to that of the year 1200.
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A graph of average income per person from the year 1000 to the present for several countries shows a long, flat section followed by a sharp, upward bend. Match each feature or observation from this type of graph to its correct economic interpretation.
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The historical graph of average income per person, which shows a long period of economic stagnation followed by a sudden and sharp increase in growth, is commonly referred to as the 'history's ____ ____' graph.
Based on the general pattern shown in the 'history's hockey stick' graph of GDP per capita, it is accurate to conclude that for most of the countries depicted, the average person's material living standard in the year 1600 was fundamentally similar to that of the year 1200.
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