Several indicators of long-term economic growth in the

Chapter 3, Problem 21E

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QUESTION:

Several indicators of long-term economic growth in the United States are listed below.

Economic Indicator

Percent Change

Economic Indicator

Percent Change

Inflation

4.5%

Real GNP

2.9%

Exports

4.7

Investment (residential)

3.6

Imports

2.3

Investment (nonresidential)

2.1

Real disposable income

2.9

Productivity (total)

1.4

Consumption

2.7

Productivity (manufacturing)

5.2

a. What is the median percent change?

b. What is the modal percent change?

Questions & Answers

QUESTION:

Several indicators of long-term economic growth in the United States are listed below.

Economic Indicator

Percent Change

Economic Indicator

Percent Change

Inflation

4.5%

Real GNP

2.9%

Exports

4.7

Investment (residential)

3.6

Imports

2.3

Investment (nonresidential)

2.1

Real disposable income

2.9

Productivity (total)

1.4

Consumption

2.7

Productivity (manufacturing)

5.2

a. What is the median percent change?

b. What is the modal percent change?

ANSWER:

Step 1 of 3

Given the long -term economic growth in the United states are listed below.    

Economic indicator

Percent change

Inflation

4.5

Exports

4.7

Imports

2.3

Real disposable income

2.9

Consumption

2.7

 Real GNP

2.9

Investment

 (residential)

3.6

Investment

 (nonresidential)

2.1

Productivity (total)

1.4

Productivity

(manufacturing)

5.2

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