**Instructions:** Enter your responses as a percentage rounded to one decimal place.a. Calculate the federal government's share of total output in 1998, 2008, and 2018.- 1998: [ ] percent- 2008: [ ] percent- 2018: [ ] percentb. Calculate the state and local government's share of total output in 1998, 2008, and 2018.- 1998: [ ] percent- 2008: [ ] percent- 2018: [ ] percent**Explanation:**This exercise requires students to calculate the share of total output attributed to federal and state/local governments for the years 1998, 2008, and 2018. Fill in the blanks with percentages, ensuring accurate rounding to one decimal place. **Economic Data Overview (1990-2019)**The table below presents economic data from 1990 to 2019, including GDP and different government spending figures in billions of dollars.| Year | GDP | Total Government Spending | Federal Spending | State and Local Spending ||------|-------|---------------------------|------------------|--------------------------|| 1990 | 5,803 | 1,180 | 508 | 671 || 1991 | 5,995 | 1,234 | 527 | 706 || 1992 | 6,337 | 1,271 | 533 | 737 || 1993 | 6,657 | 1,291 | 525 | 766 || 1994 | 7,072 | 1,325 | 519 | 806 || 1995 | 7,397 | 1,369 | 519 | 850 || 1996 | 7,816 | 1,416 | 527 | 888 || 1997 | 8,304 | 1,468 | 530 | 937 || 1998 | 8,747 | 1,518 | 530 | 987 || 1999 | 9,268 | 1,620 | 555 | 1,065 || 2000 | 9,817 | 1,721 | 578 | 1,142 || 2001 | 10,128| 1,825 | 612 | 1,212 || 2002 | 10,469| 1,961 | 679 | 1,281 || 2003 | 10,960| 2,092 | 756 | 1,336 || 2004 | 11,685| 2,217 | 826 | 1,391 || 2005 | 12,422| 2,355 | 876 | 1,480 || 2006 | 13,178| 2,508 | 932 | 1,576 || 2007 |

The Gross Domestic Product (GDP) is a crucial economic indicator that measures the total monetary…

Instructions: Enter your responses as a percentage rounded to one decimal place. a. Calculate the federal government's share of total output in 1998, 2008, and 2018. 1998: 2008: 2018: 1998: 2008: percent b. Calculate the state and local government's share of total output in 1998, 2008, and 2018. 2018: percent percent percent percent percent

Instructions: Enter your responses as a percentage rounded to one decimal place. a. Calculate the federal government's share of total output in 1998, 2008, and 2018. 1998: 2008: 2018: 1998: 2008: percent b. Calculate the state and local government's share of total output in 1998, 2008, and 2018. 2018: percent percent percent percent percent

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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M1
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