Retrieve inflation data from The World Bank data base (http://databank.worldbank.org/data/home.aspx) for India, Spain, and South Africa for \(2011-2015\). Prepare a chart that compares India, Spain, and South Africa based on the data. Describe the key differences between the countries. Rank these countries as high-, medium-, and low-income. Explain what is surprising or expected about the data.

Short Answer

Expert verified
After retrieving inflation data from The World Bank data base for India, Spain, and South Africa for the years 2011-2015, we created a chart comparing inflation rates of the three countries. We observed that India had the highest inflation rates, followed by South Africa, while Spain had the lowest inflation rates throughout the period. According to the World Bank's income classification, India is categorized as a lower-middle-income country, South Africa as an upper-middle-income country, and Spain as a high-income country. An expected finding from the data is the lower inflation rates in the high-income country (Spain) compared to the other countries. However, it is surprising that India, being a lower-middle-income country, had higher inflation rates than South Africa, an upper-middle-income country.

Step by step solution

01

Access The World Bank Data Base

To get the inflation data for India, Spain, and South Africa, first access The World Bank Data Base site at http://databank.worldbank.org/data/home.aspx
02

Locate the Inflation Data

On the data base site, click on "World Development Indicators" to locate the latest available data set or select a specific topic and then select "Inflation, consumer prices (annual %)" under Indicators. Then, set the countries filter to include India, Spain, and South Africa.
03

Set the Time Range

On the data base interface, use the filter options to set the time range from 2011 to 2015.
04

Download/Retrieve the Data

Click 'Apply Changes' to retrieve the data or use 'Download' option to download the retrieved data in the desired format (such as Excel or CSV).
05

Prepare a Chart

With the retrieved data, create a chart comparing inflation rates of India, Spain, and South Africa from 2011 to 2015. Use different line graph series for each country to visualize the data.
06

Describe Key Differences

Based on the chart, describe the key differences in inflation rates between India, Spain, and South Africa during the time period 2011-2015. Look for trends in the data and significant differences in inflation rates.
07

Rank the Countries

Using World Bank's income classification, rank the countries as high-, medium-, or low-income. The World Bank's income groups are as follows: 1. High-income: $12,536 or more 2. Upper-middle-income: between \(4,046 and \)12,535 3. Lower-middle-income: between \(1,046 and \)4,045 4. Low-income: $1,045 or less Visit https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups for more information on how the World Bank categorizes countries.
08

Describe Surprising or Expected Findings

Based on the retrieved data and observations made from the chart, explain what is surprising or expected about the data. Note any interesting trends or unexpected results in the context of these countries' economies.

Unlock Step-by-Step Solutions & Ace Your Exams!

  • Full Textbook Solutions

    Get detailed explanations and key concepts

  • Unlimited Al creation

    Al flashcards, explanations, exams and more...

  • Ads-free access

    To over 500 millions flashcards

  • Money-back guarantee

    We refund you if you fail your exam.

Over 30 million students worldwide already upgrade their learning with Vaia!

One App. One Place for Learning.

All the tools & learning materials you need for study success - in one app.

Get started for free

Study anywhere. Anytime. Across all devices.

Sign-up for free