Question

Identify the following examples belong to which type of Economic Data? Also explain why.

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i.

Consider two datasets. In dataset X, we have data on population and GDP for Germany

from 1961 to 2018. In dataset Y, we have population and GDP for each of the 14 states

and 4 federal territories of Germany from 2009 to 2018.

ii.

It was asked a panel of 30 expert’s predictors from different industries to forecast the

American GDP growth and inflation rate for the year 2018. We have made a data set

that contains each predictor’s estimates and his or her age and years of experience​

Answer 1

Answer:

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Explanation:

Essentially, GDP per capita acts as a metric for determining a country's economic output per each person living there. Often times, rich nations with smaller populations tend to have higher per capita GDP.