5. Discuss the relationship between aggregate productivity growth and price inflation. Draw a diagram (similar to Figure

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5. Discuss the relationship between aggregate productivity growth and price inflation.

Draw a diagram (similar to Figure 17.8 ), putting average annual productivity growth on the horizontal axis and average annual price changes on the vertical axis. If you were to plot relevant data for, say, 60 or 70 major industries, what general relationship would you expect? Explain.

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Related Book For  book-img-for-question

Contemporary Labor Economics

ISBN: 9780073375953

9th Edition

Authors: Campbell McConnell, Stanley Brue, David Macpherson

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