Translating Economic History to a Ratio Scale Graph
An economist is plotting a country's real GDP per capita on a graph with a ratio scale on the vertical axis and time on the horizontal axis. The country's economic history over a 30-year period is as follows:
- Years 1-10: The economy experienced a period of rapid, stable positive growth.
- Years 11-20: The growth rate slowed down significantly but remained positive.
- Years 21-30: The economy stagnated, with the real GDP per capita remaining unchanged.
Describe the shape of the line on the graph for each of the three periods, explaining the relationship between the line's slope and the economic performance.
0
1
Tags
Economy
Capitalism
Social Science
Empirical Science
Science
General programming languages
Ch.1 The Capitalist Revolution - The Economy 1.0 @ CORE Econ
CORE Econ
Economics
Introduction to Macroeconomics Course
Ch.3 Aggregate demand and the multiplier model - The Economy 2.0 Macroeconomics @ CORE Econ
The Economy 2.0 Macroeconomics @ CORE Econ
Computing Sciences
The Economy 1.0 @ CORE Econ
Analysis in Bloom's Taxonomy
Cognitive Psychology
Psychology
Related
The GDP per capita of Greece was 22,494 USD in 2012 and 21,966 USD in 2013. Based on these figures, the growth rate of GDP between 2012 and 2013 (to two decimal places) was:
Imagine that the GDP per capita of a country had doubled every 100 years. You are asked to draw both linear and ratio scale graphs that plot GDP on the vertical axis, and the year on the horizontal axis. What will be the shapes of the curves?
Consider a graph plotting GDP per capita on the vertical axis (using a ratio scale) against time on the horizontal axis for two countries, Country X and Country Y, from 1990 to 2020. The line for Country X is consistently steeper than the line for Country Y throughout this entire period. However, the line for Country Y is always positioned above the line for Country X. Based on this information, which of the following statements can be concluded?
Interpreting Economic Growth on a Ratio Scale Graph
On a graph where the vertical axis uses a ratio scale, a straight, upward-sloping line indicates that the plotted variable is increasing by the same absolute amount in each time period.
On a graph with a ratio scale on the vertical axis, a country's GDP per capita is plotted over time. The resulting line is initially steep and upward-sloping, then becomes less steep but still upward-sloping, and finally becomes horizontal. What does this pattern indicate about the country's economic performance over this period?
Translating Economic History to a Ratio Scale Graph
On a graph with a ratio scale on the vertical axis and time on the horizontal axis, match each line description to its correct interpretation of the variable's growth rate.
Choosing the Right Graph for Economic Analysis
The table below shows a country's GDP per capita over a four-year period.
Year GDP per Capita 1 $10,000 2 $11,000 3 $13,200 4 $17,160 Which of the following descriptions best represents how this data would appear on a graph with a ratio scale on the vertical axis and time on the horizontal axis?
Example of Constant Growth on a Ratio Scale: UK GDP