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We are making a historical study of the American economy from 1950 to 1980. Data on prices, the labor force, productivity, and the GNP were collected. Note in the following table that the CPI has a base period of 1967, employment is in millions of persons, and so on. A direct comparison, therefore, is not feasible. a. Using 1950 as the base period, make whatever calculations are necessary to compare the trend in the four series from 1950 to 1980. (Round your answers to 1 decimal place.) b. Interpret the results. (Round your answers to 1 decimal place.)

We are making a historical study of the American economy from 1950 to 1980. Data on prices, the labor force, productivity, and the GNP were collected. Note in the following table that the CPI has a base period of 1967, employment is in millions of persons, and so on. A direct comparison, therefore, is not feasible. a. Using 1950 as the base period, make whatever calculations are necessary to compare the trend in the four series from 1950 to 1980. (Round your answers to 1 decimal place.) b. Interpret the results. (Round your answers to 1 decimal place.)

Algebra: Structure And Method, Book 1
Algebra: Structure And Method, Book 1
(REV)00th Edition
ISBN:9780395977224
Author:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Publisher:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Chapter7: Applying Fractions
Section7.2: Proportions
Problem 47WE
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We are making a historical study of the American economy from 1950 to 1980. Data on prices, the labor force, productivity, and the GNP were collected. Note in the following table that the CPI has a base period of 1967, employment is in millions of persons, and so on. A direct comparison, therefore, is not feasible.

a. Using 1950 as the base period, make whatever calculations are necessary to compare the trend in the four series from 1950 to 1980. (Round your answers to 1 decimal place.)

b. Interpret the results. (Round your answers to 1 decimal place.)

b. Interpret the results. (Round your answers to 1 decimal place.) From 1950 to 1980 consumer prices From 1950 to 1980 labor force From 1950 to 1980 productivity From 1950 to 1980 GNP by by by by percent. percent. percent. percent.
Transcribed Image Text:b. Interpret the results. (Round your answers to 1 decimal place.) From 1950 to 1980 consumer prices From 1950 to 1980 labor force From 1950 to 1980 productivity From 1950 to 1980 GNP by by by by percent. percent. percent. percent.
We are making a historical study of the American economy from 1950 to 1980. Data on prices, the labor force, productivity, and the GNP were collected. Note in the following table that the CPI has a base period of 1967, employment is in millions of persons, and so on. A direct comparison, therefore, is not feasible. Year 1950 1967 1971 1975 1980 Consumer Price Year 1950 Index (1967 = 100) 72.1 1967 1971 1975 1980 100.0 121.3 161.2 246.8 Click here for the Excel Data File Total Labor Index of Productivity in Manufacturing (1967 = 100) 64.9 100.0 110.3 114.9 146.6 CPI Force (millions) 64 81 87 95 107 100.0 a. Using 1950 as the base period, make whatever calculations are necessary to compare the trend in the four series from 1950 to 1980. (Round your answers to 1 decimal place.) Labor Force 100.0 Productivity 100.0 GNP Gross National 100.0 Product ($ billions) 286.2 789.6 1,063.4 1,516.3 2,626.0
Transcribed Image Text:We are making a historical study of the American economy from 1950 to 1980. Data on prices, the labor force, productivity, and the GNP were collected. Note in the following table that the CPI has a base period of 1967, employment is in millions of persons, and so on. A direct comparison, therefore, is not feasible. Year 1950 1967 1971 1975 1980 Consumer Price Year 1950 Index (1967 = 100) 72.1 1967 1971 1975 1980 100.0 121.3 161.2 246.8 Click here for the Excel Data File Total Labor Index of Productivity in Manufacturing (1967 = 100) 64.9 100.0 110.3 114.9 146.6 CPI Force (millions) 64 81 87 95 107 100.0 a. Using 1950 as the base period, make whatever calculations are necessary to compare the trend in the four series from 1950 to 1980. (Round your answers to 1 decimal place.) Labor Force 100.0 Productivity 100.0 GNP Gross National 100.0 Product ($ billions) 286.2 789.6 1,063.4 1,516.3 2,626.0
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