Question
Please consider the real GDP per capita data provided below. Country Real GDP Per Capita 1960, 2010 US Dollars Growth in Real GDP Per Capita,
- Please consider the real GDP per capita data provided below.
Country
Real GDP Per Capita 1960, 2010 US Dollars
Growth in Real GDP Per Capita, 1960-2019, in %
Canada
16,406
1.99
Mexico
3,907
1.70
Turkey
3,175
2.75
Sweden
18,062
2.02
South Africa
4,624
0.82
Country | Real GDP Per Capita 1960, 2010 US Dollars | Growth in Real GDP Per Capita, 1960-2019, in % |
Canada | 16,406 | 1.99 |
Mexico | 3,907 | 1.70 |
Turkey | 3,175 | 2.75 |
Sweden | 18,062 | 2.02 |
South Africa | 4,624 | 0.82 |
Source: World Bank
- The GDP data are standardized in three dimensions. One, for example is population. What are the other two?
- Plot the growth rate of each country against that country's 1960 Real GDP per capita. Just a simple scatter plot will do. Are the data consistent with the convergence prediction of traditional economic growth models? Explain.
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Introduction To Business Statistics
Authors: Ronald M. Weiers
7th Edition
978-0538452175, 538452196, 053845217X, 2900538452198, 978-1111524081
