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0.06 0.02 Percentage Deviation from Trend 0.02 0.04 -0,06 1962 1967 1972 1977 1982 1987 1992 1937 2002 2007 2012 Year (a) Is average weekly
0.06 0.02 Percentage Deviation from Trend 0.02 0.04 -0,06 1962 1967 1972 1977 1982 1987 1992 1937 2002 2007 2012 Year (a) Is "average weekly hours worked in manufacturing" a procyclical, countercyclical, or acyclical variable relative to GDP? Explain why based on the graph. (b) Does "average weekly hours worked in manufacturing" tend to be a leading, lagging, or coincident variable relative to GDP? Explain why based on the graph. (c) Does "average weekly hours worked in manufacturing" tend to be more volatile or less volatile than to GDP? Explain why based on the graph.0.06 0.02 Percentage Deviation from Trend 0.02 0.04 -0,06 1962 1967 1972 1977 1982 1987 1992 1937 2002 2007 2012 Year (a) Is "average weekly hours worked in manufacturing" a procyclical, countercyclical, or acyclical variable relative to GDP? Explain why based on the graph. (b) Does "average weekly hours worked in manufacturing" tend to be a leading, lagging, or coincident variable relative to GDP? Explain why based on the graph. (c) Does "average weekly hours worked in manufacturing" tend to be more volatile or less volatile than to GDP? Explain why based on the graph
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