Gross Domestic Product Statistics Case Study 2022

Running head: STATISTICS
Statistics
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STATISTICS
1
Table of Contents
Purpose.......................................................................................................................................2
Background................................................................................................................................3
Method.......................................................................................................................................4
Results........................................................................................................................................5
Discussion..................................................................................................................................9
Recommendations....................................................................................................................10
References and Bibliography...................................................................................................11

STATISTICS
2
Purpose
The main purpose of this study is to examine and associate statistically among the
average life satisfaction and Gross Domestic Product (GDP) per capita. In this study
descriptive summary measure, linear regression has been shown based on average life
satisfaction and Gross Domestic Product (GDP).

STATISTICS
3
Background
The satisfaction of life is a monotonic increasing function with the income of a person
or a nation at some point. This study reflects the relation between life satisfaction and per
capita GDP. According to the purchasing power of parity, it is clear that if a nation has a
gross domestic product of fewer than 15,000 USD, then this shows the rich power of the
country is downflow (Proto and Rustichini 2013). The probability that the maximum level of
satisfaction of life is higher than 12% or less in the countries with a poor per capita GDP less
5,600 USD as compared to the countries with per capita GDP 15,000 USD. In other words, if
the income of a country higher than 17,000 USD then the probability that the satisfaction of
life has been increased with 2% of maximum with range. The life satisfaction on the USD
level is different among the high or low GDP of a country(Costanza et al.2014). In general,
life satisfaction is peaked at approximately 30,000 USD, but in the case of rich countries, it is
something different. In the United State of America (USA) from 1974 to 2004 per capita
income is approximately double; however, the mean level of a trend on happiness does not
shows an upward trend. This kind of puzzling and finding is known as Easterlin Paradox
(Kubiszewski et al. 2013). Different countries have different specific effects. The time is the
invariant effect and unobservable variable in the elimination of potential of a country that
specified the measurement errors and neglected the bias variable.