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Describing the main points made by the graph (one page) AND Collecting data for a period of 10 years on an economic variable for - Research Paper Example

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Statistics Name: Institution: Course: Tutor name: Date: December 30, 2013. Statistics Part 1: Description of main points of the graph Catherine Rampell authored the article, ‘The Bush tax cuts and the deficit,’ which the New York Times published on August 25, 2011 in its business section…
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Describing the main points made by the graph (one page) AND Collecting data for a period of 10 years on an economic variable for
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Describing the main points made by the graph (one page) AND Collecting data for a period of 10 years on an economic variable for

Download file to see previous pages... Its horizontal axis illustrates percentages of respective items relative to the nation’s gross domestic product while the horizontal axis represents period in years and communicates anticipated changes in effects of tax cut. ‘Extend Tax Policies’ is one of the major variables that the graphs illustrates and it demonstrates the anticipated trend of deficit. It is shown in a deep blue colour and has varying percentage, of the nation’s Gross domestic product, over time. The cuts would reduce deficit in the short run, over three-year period, before the deficit begins to increase. The graph further shows that the Conges will continuously nullify regulations to reduce Medicare payments. Another significant feature of the graph is the interest payment that the government is likely to occur based on its borrowings. The interest also has an increasing trend and the features suggest that the proposed tax cut was not a sound move. The graph is suitable for representing the data that aimed at comparing different variables across time. It consolidates the variables in one graph and allows for easier comparison than if the variables were represented in separate simple line graphs. The use of different and visible colours also identifies effectiveness of the graph in communicating predicted changes in economic factors following tax cuts. The audience can easily identify differences in the sizes of each segment to understand the associated changes (Rampell, 2011; Mmerrier, Logan and Williams, 2007). Part 2: Data presentation on an economic variable Gross domestic product indicates a country’s level of productivity and is one of the major indicators of economic capacity and economic growth. The Gross Domestic Product at purchasing power parity is the total value of commodity that an economy produces and is valued in United States Dollar value (The World Bank, 2012). Changes in value of an economy’s currency therefore leads to corresponding changes in value of corresponding gross domestic product based on purchasing power parity (Brezina, 2011). It is therefore a reliable measure of an economy’s potential for comparison with other economies for economic decisions in the international set up. Its time series analysis in an economy also offers a basis for understanding economic trends in the given economy and allows for predictions. Consideration of growth rate instead of actual values simplifies analysis and represents both increments and decrements with positive and negative signs respectively. The following data represents growth in gross domestic product for Qatar based on purchasing power parity. The data has been retrieved from Index Mundi database. Table 1: Gross domestic product growth rate for Qatar based on purchasing power parity Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Growth (%) 7.75 3.35 -0.31 3.21 16.98 -1.88 11.08 3.14 1.82 -0.01 13.73 (Index Mundi, http://www.indexmundi.com/qatar/gdp_per_capita_(ppp).html) The following table summarizes descriptive statistics for the data. Table 2: Major descriptive statistics Mean 5.35 Standard deviation 6.19 Median 3.21 Range 18.86 Maximum 16.98 Minimum -1.88 The statistics shows that Qatar had an average growth rate of 5.35 percent in the ten-year period from the year 2000 to the year 2010. The median for the data was 3.21 percent but the mean is a better estimator because it considers both rank and quantity of the yearly gross domestic ...Download file to see next pagesRead More
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