For 3 years of economic volatility in Country X, an economist tracked quarterly gross domestic product (GDP). The graph shows...

Owning The Dataset

Table 1: Text Analysis

Table 2: Chart Analysis

Key Insights

1. In 2011, all quarters were above the Q4 2010 baseline (\(\mathrm{+1.1\%}\) to \(\mathrm{+5.1\%}\)), reflecting consistent growth.
2. From 2012 onward, quarterly GDP became more volatile, oscillating between growth and contraction within each year.
3. Q4 of 2013 recorded the lowest point (\(\mathrm{-3.7\%}\)), marking a major economic downturn at the period's end.
4. The largest single increase above the baseline occurred in Q4 2011 (\(\mathrm{+5.1\%}\)).
5. Overall, the dataset demonstrates an initial period of strong economic recovery followed by increasing instability.

Step-by-Step Solution

Question 1: Identifying the Lowest GDP Quarter, 2011–2013

Complete Statement:

In the period 2011-2013, according to the graph, the inflation-adjusted euro value of quarterly GDP was least in [BLANK].

Breaking Down the Statement

• Statement Breakdown 1:
  • Key Phrase: In the period 2011-2013
  • Meaning: This limits the analysis to quarterly values from 2011, 2012, and 2013 only.
  • Relation to Chart: There are 4 quarters per year, for each year from 2011 to 2013—12 bars/points total to check.
  • Important Implications: Only data from these years are relevant.
• Statement Breakdown 2:
  • Key Phrase: inflation-adjusted euro value of quarterly GDP was least
  • Meaning: We're being asked which quarter had the smallest (lowest) GDP compared to the Q4 2010 baseline.
  • Relation to Chart: The vertical bar that is lowest, i.e., with the largest negative percent difference.
  • Important Implications: Look for the most negative value on the graph.

What is needed: The quarter from 2011–2013 with the most negative percent difference from Q4 2010 GDP.

Solution:

• Condensed Solution Implementation:
  Compare the percent differences for all 12 quarters in 2011-2013 and select the one with the lowest value.
• Necessary Data points:
  From the graph: 2011 Q1: \(\mathrm{1.1\%}\), Q2: \(\mathrm{0.3\%}\), Q3: \(\mathrm{4.8\%}\), Q4: \(\mathrm{5.1\%}\). 2012 Q1: \(\mathrm{-1.0\%}\), Q2: \(\mathrm{0.9\%}\), Q3: \(\mathrm{2.0\%}\), Q4: \(\mathrm{-0.5\%}\). 2013 Q1: \(\mathrm{-2.3\%}\), Q2: \(\mathrm{-3.7\%}\), Q3: \(\mathrm{2.5\%}\), Q4: \(\mathrm{1.5\%}\).
  • Calculations Estimations:
    Upon review, Q2 2013 at \(\mathrm{-3.7\%}\) is the lowest value. Confirm no other quarter is lower.
  • Comparison to Answer Choices:
    Among possible quarters (Q2 2011, Q4 2012, Q2 2013), Q2 2013 matches the minimum and is the correct answer.

FINAL ANSWER Blank 1: Q2 of 2013

Question 2: Calculating the Median of Percent Differences (2011–2013)

Complete Statement:

To the nearest \(\mathrm{0.1\%}\), the median of the percent differences, as shown in the graph, in the inflation-adjusted euro value of quarterly GDP in the period 2011 - 2013 is [BLANK] percent.

Breaking Down the Statement

• Statement Breakdown 1:
  • Key Phrase: median of the percent differences
  • Meaning: Find the value in the middle when all 12 quarterly percent differences are arranged in order.
  • Relation to Chart: All 12 quarterly percent differences must be sorted in order to find the median.
• Statement Breakdown 2:
  • Key Phrase: To the nearest \(\mathrm{0.1\%}\)
  • Meaning: Round your final answer to one decimal place.
  • Relation to Chart: Guides the rounding of your result from the calculation.

What is needed: The median percent difference among all 12 quarterly values, rounded to the nearest \(\mathrm{0.1\%}\).

Solution:

• Condensed Solution Implementation:
  List all 12 quarterly percent differences, sort them, and find the middle two (6th and 7th), then average them.
• Necessary Data points:
  Sorted values (approximate): \(\mathrm{-3.7\%, -2.3\%, -1.0\%, -0.5\%, 0.3\%, 0.9\%, 1.1\%, 1.5\%, 2.0\%, 2.5\%, 4.8\%, 5.1\%}\). 6th and 7th values are \(\mathrm{0.9\%}\) and \(\mathrm{1.1\%}\).
  • Calculations Estimations:
    Median = \(\mathrm{(0.9\% + 1.1\%) / 2 = 1.0\%}\).
  • Comparison to Answer Choices:
    Answer choices: 1.0, 1.3, 1.8. The calculation matches 1.0.

FINAL ANSWER Blank 2: 1.0

Summary

Reviewing all percent differences for quarterly GDP in 2011–2013, the least value appears in Q2 of 2013 (\(\mathrm{-3.7\%}\)). Sorting the 12 differences and averaging the 6th and 7th values gives a median of \(\mathrm{1.0\%}\), rounded to the nearest \(\mathrm{0.1\%}\).

Question Independence Analysis

These two questions are independent: one requires identifying the minimum, and the other calculating the median, with no steps or results needed from one to complete the other.