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Analysing statistical data · Part 1 of 3
6 exam-style questions with model answers, plus 9 quick multi-choice questions — every question on this part of the standard, grouped by the 2 pages of notes they come from.
Write a full answer before you reveal the model one. That comparison is where the learning happens.
Name two New Zealand organisations that publish economic statistics, and state one series each publishes that could be used for this standard.
Explain in detail why it matters whether the data you use is real or nominal, annual or quarterly, and seasonally adjusted or not.
Two students choose different pairs of contemporary economic issues for their AS91226 reports. Student A chooses economic growth and unemployment. Student B chooses inflation and the number of overseas tourists.
Compare and contrast the two choices, and give a reasoned judgement about which is better and why.
A country's real GDP is $410bn in one year and $423bn the next.
Calculate the economic growth rate, and explain why an index number is useful when comparing two series measured in different units.
Nominal GDP rises 6.5% in a year when the price level rises 5.8% and population rises 1.9%.
Calculate real GDP growth and real GDP per capita growth, and explain in detail what these three figures together tell you about the economy.
A student presents a graph showing New Zealand's nominal average wage rising every year for ten years, and concludes that New Zealand workers have become steadily better off.
Discuss this conclusion. Compare and contrast what nominal wages, real wages and real wages per capita would each show, and explain what additional processing the student should have done.