The real (inflation-adjusted) value of U.S. manufacturing output and related man
ID: 1123589 • Letter: T
Question
The real (inflation-adjusted) value of U.S. manufacturing output and related manufacturing employment is provided in the table below:
Instructions: Enter your responses as a positive whole number (do not include a (-) negative sign).
(a) How many manufacturing jobs were lost between 2000 and 2013?
(b) How much did output increase?
$ billion
(c) What was average manufacturing productivity (output per worker) in
Instructions: Enter your responses rounded to two decimal places.
(i) 2000?
$
(ii) 2013?
$
Explanation / Answer
(a)
Employment in 2000 = 17,321,000
Employment in 2013 = 11,982,000
Calculate the manufacturing jobs that were lost between 2000 and 2013 -
Jobs lost = Employment in 2000 - Employment in 2013
Jobs lost = 17,321,000 - 11,982,000 = 5,339,000
The manufacturing jobs that were lost between 2000 and 2013 were 5,339,000 jobs.
(b)
Output in 2000 = $5,876 billion
Output in 2013 = $5,927 billion
Calculate the increase in output -
Increase = Output in 2013 - Output in 2000 = $5,927 billion - $5,876 billion = $51 billion
The output has increased by $51 billion.
(c)
(i)
Calculate the output per worker in 2000 -
Output per worker = Output/Employment = $5,876 billion/17,321,000 = $339,241.38
The output per worker in 2000 is $339,241.38
Calculate the output per worker in 2013 -
Output per worker = Output/Employment = $5,927 billion/11,982,000 = $494,658.65
The output per worker in 2013 is $494,658.65
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