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1) Explain why there is such a close relationship between changes in a nation's rate of productivity growth and changes in its average real hourly

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1) Explain why there is such a close relationship between changes in a nation's rate of productivity growth and changes in its average real hourly wage.

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4. Using the following NIPA data, compute GDP. All figures are in billions of U.S. dollars. (LO1) Personal consumption expenditures $245 Wages and salaries 223 Imports 18 Corporate profits 42 Depreciation 28 Gross private domestic investment 86 Government purchases 82 Exports 9

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