Question: The Organization for Economic Cooperation and Development (OECD) is an organization comprised of thirty countries. To belong, a country must sup-port the principles of representative

The Organization for Economic Cooperation and Development (OECD) is an organization comprised of thirty countries. To belong, a country must sup-port the principles of representative democracy and a free market economy. How have these countries grown in the decade from 1988 to 1998€“ 2000? Here are the GDP per capita for 24 of the OECD members (in year 2000 dollars). (www.sba.gov/advo/research/(www.sba.gov/advo/research/rs264tot.pdf)

Make a model of 1998€“ 2000 GDP/ Capita in terms of 1988 GDP/ Capita. Plot the residuals and discuss any concerns you may have.

1988 GDP1 1998-2000 GDP Country Australia Austria Belgium Canada Denmark Finland France Germany Greece ireland Italy Japan Korea Mexioo Netherlands New Zealand Norway Portugal Spain Sweden Switzerland Turkey United Kingdom United States Capita 18558 25,626 24204 19349 31517 25,682 24,663 27,196 10,606 13,050 17339 36,301 7038 3024 23,159 15,480 28,241 8935 12,879 26,634 43,375 2457 17,676 25,324 Capita 23713 31,192 30 506 22,605 38,136 31 246 29,744 32256 13,181 27 282 20710 44,154 12844 3685 30720 17979 37934 12756 17,197 30 873 46330 2947 22,153 31296

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