Final answer:
The question deals with the representation and analysis of large data sets in graph form, acknowledging monthly metrics and the concept of a base year in statistics for more effective comparison and understanding.
Step-by-step explanation:
The question pertains to the field of Mathematics, particularly the branch that deals with statistics and data representation. When we refer to monthly metrics based on data collected over a period, such as monthly data from 1960, we are talking about a substantial number of data points, nearly 600 in this case, which has been collected over almost 50 years. Visual representations, like graphs, are often used to compress lots of data for more intuitive analysis. This allows us to avoid the arduous task of reading each of these points in numerical form, which could be quite overwhelming.
Additionally, understanding the concept of a base year or base period is crucial in statistics. This is a significant year chosen for the purpose of indexation or comparison, such as in the calculation of real GDP prices remain constant across years. In the provided example, the base year is 2005, indicating that all subsequent measures of GDP are adjusted to reflect the prices of that year. This standardization allows for more accurate comparisons across different time periods.
Finally, concepts such as frequency, relative frequency, and cumulative relative frequency are important in summarizing how often certain values appear within a dataset, thereby answering various statistical questions about the dataset.