This website uses cookies to ensure you have the best experience. Learn more

Gdp And Living Standard Essay

1795 words - 8 pages

Relationship of GNP and Living Standard
Phuong Le
SUNY Morrisville State College

Project 2- Part 2
Part I: Description of the data set:
I collected data from Journal of Statistics Education (JSE). Its original data set which is named “The Statistics of Poverty and Inequality” includes birth rates, death rates, infant death rates, life expectancies for males and females, and Gross National Product for 97 countries in the world divided into 6 groups (97 observations, 8 variables total.) However, I just took 6 variables: infant death rates, life expectancies for males and females, Gross National Product, country and country groups.
Variables Descriptions:
* Country: 30 ...view middle of the document...

33 |
Population Standard Deviation | 7942.98 |
Confidence Coefficient | 0.95 |
Level of Significance | 0.05 |
Margin of Error | 2842 |
Point Estimate | 5151.33 |
Lower Limit | 2309.03 |
Upper Limit | 7993.64 |

95% of the area under the curve falls within this interval (2309.03, 7993.64). This interval also contains the true parameter value.
2. Infant death per 1000 of population under 1 year old:
  | Infants death rates |   |
  | (per 1000 ) | Percentage |
Group 1 | 76.6 | 5% |
Group 2 | 151 | 9% |
Group 3 | 34.7 | 2% |
Group 4 | 478.7 | 28% |
Group 5 | 354.5 | 20% |
Group 6 | 614 | 36% |
Total | 1709.5 | 100% |


Infant deaths rates are an important factor to evaluate the standard living of a country. It shows the number of deaths of infants under one year old in a given year per 1,000 live births in the same year; included is the total death rate, and deaths by sex, male and female.
The infant death rates’ order is: Group 3< Group 1< Group 2< Group 5< Group 4< Group 6
The ratio of infant death rates: Group 6 = 1.3 times Group 4= 1.8 times Group 5= 4 times Group 2= 7.2 times Group 1= 18 times Group 3
The infant death rate of the group 3 is the smallest rate (2%) that means group 3 has the best standard living. Otherwise, the infant death rate of the group 6 is the biggest rate (36%) that means group 6 had the worst standard living.
Since wealthy countries (group 1, group 2, and group 3) have the means to invest in healthcare, sanitation, drugs etc., they have a lower IMR than developing or poor countries.
To understand clearly about the gaps among groups, we discuss the average infant death rates:
Groups | Infant death rates |
Mean | 56.98 |
Mean group 1 | 15.32 |
Mean group 2 | 30.2 |
Mean group 3 | 6.94 |
Mean group 4 | 95.74 |
Mean group 5 | 70.9 |
Mean group 6 | 122.8 |

The order is: Group 3< Group 1< Group 2< General Average < Group 5< Group 4< Group 6
Group 6 has the highest infant death rates. Group 3 has the lowest infant death rates. The gap is: 122.8- 6.94= 115.86. It is a very big gap.

95% Confidence Interval of infants death rate |
Sample Mean | 52.86 |
Standard Deviation | 52.53 |
Sample size | 30 |
Confidence Coefficient | 0.95 |
Level of Significance | 0.05 |
  |   |
Margin of Error | 17.31 |
Point Estimate | 52.86 |
Lower Limit | 35.55 |
Upper Limit | 70.17 |

95% of the area under the curve falls within this interval (35.55, 70.17) This interval also contains the true parameter value.
In short words, the low infant death rate is a good sign of development. The richer a country is, the less infant death rate it has.
3. Life expectancy at birth for males and females:
  | Life expectancy for males | Life expectancy for females |
1 | 67.3 | 75.22 |
2 | 66.2 | 72.62 |
3 | 72.08 | 79.22 |
4 | 57.3 | 59.08 |
5 | 60.9 | 62.3 |
6 | 45.48 | 48.64 |
Average | 61.54 | 66.18 |

* The...

Other Papers Like Gdp and Living Standard

International Economics Essay

1251 words - 6 pages the degree of openness for various countries by using the percentage of trade as a share of GDP. It will then outline Singapore as the most open country, Brazil as the least open country and the most rapidly increased openness: Hong Kong. Finally, it will examine whether the degree of openness is correlated with faster long term growth in standard of living. In advanced economies, there are many kinds of methods to analyse an economy’s openness

Operation Management Essay

1061 words - 5 pages that make up U.S. GDP. Year | Real GDP | Population | 2006 | $13.0 trillion | 300 million | 2007 | $13.2 trillion | 302 million | 2008 | $13.2 trillion | 304 million | 2009 | $12.8 trillion | 307 million | 16. The table lists real GDP and the population in the United States. In which year did the U.S. standard of living (i) increase and (ii) decrease? Explain your answer. Quantities | 2009 | 2010 | Fish | 1,000 tons | 1,100

Gdp, Cpi

1835 words - 8 pages position in 2009 and 2010. The standard of living in Norway is among the highest in the world. The Norwegian economy is an example of a mixed economy, a prosperous capitalist welfare state featuring a combination of free market activity and large state ownership in certain key sectors. 1. GDP (Gross Domestic Product) GDP is defined as “The market value of all final goods and services produced within the country in the given period of time

Business Gross Domestic Products

1562 words - 7 pages ? The financial crisis was created from the housing bubble and the mortgage industry. Additionally, this caused a fall in national income, which lead growth in GDP in negative territory. I changed in 2008 because of a drop in the U.S standard of living. This means that less money was spent for vacations, remodeling, or dinner at a restaurant. The decline in the standard of living was due to stagnant incomes, falling net worth, and rising

How Is Public Debt Related to Economic Growth and Unemployment?

905 words - 4 pages can be calculated by this way: using the difference between GDP in 2010 mines GDP in 2009 over GDP in 2009. Then, calculate the mean, median standard deviation maximum and minimum by Excel, we can get the results, the mean of GDP in 2010 is 288366.5 million U.S. dollars. The mean id GDP in 2009 is 277225.5 million U.S. dollars, so the average GDP in 2010 is increased. Also, the median of GDP in 2010 is 14141.0 million U.S. dollars, greater than the

Macedonia's Economy

309 words - 2 pages job opportunities, many with the best skills seek employment abroad. A low standard of living, high unemployment rate, and relatively modest economic growth rate are the central economic problems. Lately because of the new policies that Macedonia faces for it to be eligible as a member of the EU the growth output is been rising but also there is a rise in inflation. Considering the fact that 33% of the labor force of Macedonia is unemployed this change in inflation makes peoples live lot more difficult.

Fundamentals Of Macroeconomics

843 words - 4 pages therefor can measure a country standard of living. When the GDP rises, the assumption is that the economy is growing, because the GDP is the total value of all products that are bought and sold. The second term is real gross domestic product (GDP). The real GDP is expressed in base-year prices meaning that this measure is inflation-adjusted and will reflect all of the goods and services that were bought and sold in a given year. The real gross

A Recent Eu Survey Reported That Income Per Head Was Significantly Lower in Greece and Portugal Than in the Netherlands and Ireland. Evaluate the View That Living Standards in the Netherlands and...

688 words - 3 pages Netherlands and Ireland, they can therefore afford more goods (luxuries) and so have a higher standard of living. Another measure of living standards is that of GDP, average GDP per capita in particular. Netherlands and Ireland have a higher GDP/head of around 50,000 USD. Whereas Greece and Portugal’s is around 21,000 USD. This means that in the countries with a higher GDP there are more goods and services available to consumers and so consumers

Cost of Living

1997 words - 8 pages , For example: if nominal GDP = 200 and real GDP = 100 then the GDP deflator = 200. Now, let’s move on to our other measure of the cost of living: the consumer price index: The Consumer Price Index: Background: Suppose upon graduation you have to decide between two job offers: one in Richmond that will pay you $35,000 a year, and one in Indianapolis that will pay you $40,000 a year. Which offer affords you a better living standard

Gross Domestic Product

1502 words - 7 pages Gross National Product doesn't include goods and services produced by foreign producers although it includes U.S. firms operating in foreign countries. Economists measure the economy by population growth and the quality of life. This is done by using a measure of real GDP per capita. This is calculated by taking the real GDP and dividing it by the total population. This measure is considered the best gauge of a nation’s standard of living. The

Macro Study Guide

645 words - 3 pages point on the curve to another point on the curve. The curve becomes linear. The entire curve shifts. All of the choices are correct. Those who are interested in assessing the relative standard of living of different countries over a given time period are most likely to look at GDP. Percentage change in GDP. Population. Per capita GDP. Per capita GDP will definitely fall if The population falls. The rate of

Related Essays

Gdp Comparison Of India And China

1726 words - 7 pages The composition of this deflator is different from that of the consumer price index in that the GDP deflator includes government goods, investment goods, and exports rather than the traditional consumer-oriented basket of goods. GDP usually is reported each quarter on a seasonally adjusted annualized basis. GDP Growth Countries seek to increase their GDP in order to increase their standard of living. Note that growth in GDP does not result in

Gdp & Hdi Essay

4199 words - 17 pages produce the goods sold Standard of living and GDP GDP per capita is not a measurement of the standard of living in an economy. However, it is often used as such an indicator, on the rationale that all citizens would benefit from their country's increased economic production. Similarly, GDP per capita is not a measure of personal income. GDP may increase while incomes for the majority of a country's citizens may even decrease or change

Alternate Measure For Economic Performance Essay

1223 words - 5 pages cloud burst in Uttarakhand both events boosts India GDP because they stimulated rebuilding. Do we really call them a Progress or success? Isn’t it a high time to devise alternate measure of performance? Alternate Measure As material living standard improves and natural environment increasingly becomes a limiting factor in economic activity, it is time to re-assess current measures in light of our definition of economic performance & success

Individual Assignment Week 2 Part 1

340 words - 2 pages Individual assignment week 2 Describe the following terms in your own words. Gross domestic product (GDP) Definition: The monetary value of all the finished (final) goods and services produced within a country's borders in a specific time period, though GDP is usually calculated on an annual basis. My own words: A countries value of products within the nation that is measured within a specific amount of time, to gauge the standard of living