求助：句子分析

rt316

In 1933 the rubber, clothing, and shipbuilding industries put into effect a six-hour workday, believing it a seeming permanent accommodation rather than a temporary expedient for what many observers thought was an economy made overproductive by advances in technology.
(A) believing it a seeming permanent accommodation rather than a temporary expedient for what many observers thought was
(B) believing it a seeming permanent accommodation instead of a temporary expedient for what many observers thought was
(C) believing that it was not a temporary expedient but a seeming permanent accommodation to what many observers thought of as a
(D) not as a temporary expedient but as a seemingly permanent accommodation to what many observers thought was
(E) not as a temporary expedient but believing it a seemingly permanent accommodation for what many observers thought
D中最后一个was的主语是什么？烦请将句子翻译一下。谢谢！

yzlinlin

.....an economy made overproductive by advances in technology was what many observers thought.

lingxia

as 引导的在句子中作什么成分呢？