THE MIX PUT IN 1900 THE MIX Government 10% Manufacturing 22% Construction and Farming 2% mining 6% Government 18% Services 22% Farming 37% Manufacturing 20% Services 54% Construction and mining 9% Source: U.S. Departments of Commerce and Labor. According to the figure, a. Between 1900 and 2000, the quantity of manufactured output b. By how much (in percentage terms)? Hint: Assume that total output in 1900 = $100. (Use the percentage change formula = [(new value - original value)/original value]*100.) c. During that time, the manufacturing share of GDP

THE MIX PUT IN 1900 THE MIX Government 10% Manufacturing 22% Construction and Farming 2% mining 6% Government 18% Services 22% Farming 37% Manufacturing 20% Services 54% Construction and mining 9% Source: U.S. Departments of Commerce and Labor. According to the figure, a. Between 1900 and 2000, the quantity of manufactured output b. By how much (in percentage terms)? Hint: Assume that total output in 1900 = $100. (Use the percentage change formula = [(new value - original value)/original value]*100.) c. During that time, the manufacturing share of GDP

Economics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506725

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter8: Economic Fluctuations, Unemployment, And Inflation

Section: Chapter Questions

Problem 14CQ

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