Take the Manufacturing Quiz

By September 17, 2007Economy

Don Boudreaux, the George Mason University economist who blogs at Cafe Hayek, put together a little quiz on manufacturing based in part on a recent paper by the Cato Institute’s Dan Ikenson. He contends the service industry is underappreciated, but also notes that manufacturing remains strong. The quiz:

1) In what year did U.S. Manufacturing output reach its all-time peak?
a. 1966 b. 1976 c. 1986 d. 1996 e. 2006

2) In what year did U.S. Manufacturing revenue reach its all-time peak? (inflation adjusted)
a. 1966 b. 1976 c. 1986 d. 1996 e. 2006

3) In what year did U.S. Manufacturing profits reach their all-time peak? (inflation adjusted)
a. 1966 b. 1976 c. 1986 d. 1996 e. 2006

4) In what year did U.S. Manufacturing exports reach their all-time peak? (inflation adjusted)
a. 1966 b. 1976 c. 1986 d. 1996 e. 2006

5) Average annual compensation (wages + benefits) for US manufacturing jobs is
a. $36,000 b. $46,0000 c. $56,0000 d. $66,000

6) What are the relative sizes of the US and Chinese manufacturing sectors?
a. China outputs 2.5 times the US b. Equal c. The US outputs 2.5 times China

7) Which country produces the largest share of total world manufacturing output?
a. China b. Japan c. Germany d. France e. US

Answers below in the extended entry.


Answers:

1) e. 2006 (Source: Economic Report of the President, 2007)

2) e. 2006 (Source: Bureau of the Census)

3) e. 2006 (Source: Bureau of the Census)

4) e. 2006 (Source: U.S. International Trade Commission)

5) d. $66,414 (Source: National Association of Manufacturers)

6) c. The U.S. output is 2.5 times as much as China (Source: U.N. Industrial Development Org.)

7) e. U.S. manufacturing output is 21 percent of world total (Source: U,N. Industrial Development Org.)

(HT: David Boaz)

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