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. Consumer Price Total Labor Index of Productivity in Manufacturing (1967 = 100) Gross National Product (S billions) 286.2 Index Force Year (1967 = 100) 72.1 (millions) 1950 64 64.9 1967 100. θ 81 100.0 789.6 1,063.4 1,516.3 2,626.0 1971 121.3 87 110.3 1975 161.2 95 114.9 1980 246.8 107 146.6 E Click here for the Excel Data File 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.) Year CPI Labor Force Productivity GNP 1950 100.0 100.0 100.0 100.0 1967 1971 1975 1980

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b. Interpret the results. (Round your answers to 1 decimal place.)
From 1950 to 1980 consumer prices
by
percent.
From 1950 to 1980 labor force
by
percent.
From 1950 to 1980 productivity
by
percent.
From 1950 to 1980 GNP
by
percent.
Transcribed Image Text:b. Interpret the results. (Round your answers to 1 decimal place.) From 1950 to 1980 consumer prices by percent. From 1950 to 1980 labor force by percent. From 1950 to 1980 productivity by percent. From 1950 to 1980 GNP by 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.
Consumer Price
Index
(1967 = 100)
Total Labor
Force
Index of Productivity
in Manufacturing
(1967 = 100)
64.9
Gross National
Product
Year
(millions)
64
(s billions)
286.2
1950
72.1
1967
100.0
81
87
100.0
789.6
1971
121.3
110.3
1,063.4
1975
161.2
95
114.9
146.6
1,516.3
2,626.0
1980
246.8
107
Click here for the Excel Data File
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.)
Year
CPI
Labor Force
Productivity
GNP
1950
100.0
100.0
100.0
100.0
1967
1971
1975
1980
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. Consumer Price Index (1967 = 100) Total Labor Force Index of Productivity in Manufacturing (1967 = 100) 64.9 Gross National Product Year (millions) 64 (s billions) 286.2 1950 72.1 1967 100.0 81 87 100.0 789.6 1971 121.3 110.3 1,063.4 1975 161.2 95 114.9 146.6 1,516.3 2,626.0 1980 246.8 107 Click here for the Excel Data File 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.) Year CPI Labor Force Productivity GNP 1950 100.0 100.0 100.0 100.0 1967 1971 1975 1980
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