A data set containing annual information about GDP per capita, inflation and unemployment rates for European countries for the past 100 years is called panel data. 0000 time-series data. experimental data. cross-sectional data.

What is the difference between a series of economic data over time measured in nominal terms versus the same data series over time measured in real terms?

Logarithms are especially useful for comparing series with two divergent scales since 10 percent growth always looks the same, regardless of the starting level. When absolute levels matter, the raw data are more appropriate, but when growth rates are whats important, log scales are better.

Exercise A3 What dome slices of a pie chart represent?

Furniture Forecasting Futura Furniture Products manufactures upscale office furniture for the Office of the Future. The sales division comprises regionally based sales offices made up of sales representatives and regional managers. Sales representativeswho report to the regional managersconduct direct sales efforts with customers in their regions. As part of the sales process, representatives gather information about likely future orders and convey that information back to the regional managers. Regional managers use that information to create sales forecasts, which are then used as the basis for manufacturing schedules. Sales representatives and regional managers are both compensated on a salary plus commission (percentage of revenue as pricing is centrally controlled). However, a regional managers commission is adjusted based on regional sales that exceed the forecasted budget. Corporate managers are concerned with one of Futuras key products, the DeskPod. They worry that DeskPod forecasts are inaccurate, causing extreme havoc in the manufacturing process. How are the forecasts likely to be inaccurate? What do you think is driving this inaccuracy? How might this problem be solved?

Cross country comparisons of GDP per capita typically use purchasing power parity equivalent exchange rates, which are a measure of the long run equilibrium value of an exchange rate. In fact, we used PPP equivalent exchange rates in this module. Why could using market exchange rates, which sometimes change dramatically in a short period of time, be misleading?