4. This question studies how labor income has evolved over the past 50 years relative to GDP. a. Using FRED, acquire the following data series: Gross Domestic Product (FRED Code \"GDP\") and Compensation of employees (FRED Code "W209RC1") (Note, I will call this Labor Com- pensation). Fer convenience, work only with annual frequencies. Fer the aggregation method use \"end of the period." Construct a similar table as that displayed below. by computing the annual growth rates by decade of GDP and Labor Compensation. 19701980 19801990 1990-2000 2000-2010 2010-2022 1970-2022 Growth Rate of GDP Growth Rate of Labor Compensation Are these data consistent with the idea from Lecture # 5 that the marginal product of labor should grow at a similar rate as output per worker? If at all, why or why not? Revised: February 2. 2023 Economics of Global Business Problem Set #1 b. Using FRED, download some additional data: Proprietors' income with inventory valuation and capital consumption adjustments: Nonfarm (FRED Code "A045RC1AO27NBEA") and Propri- etors' income with inventory valuation and capital consumption adjustments: Farm (FRED code "BO42RC1A027NBEA" ) Assuming that Labor Compensation and these two measures of Proprietors Income account for the amount of income attributed to labor, construct a graph of "Labor's Share of Income" (that is labor income divided by GDP) showing the its evolution between 1970 and 2022. In your report, please address several questions about this graph... o Is there any connection between the findings in Part a and this graph? :- What does this graph imply about the amount of income attributed to capital? :- Do you think it is correct to attribute all of Proprietor's income as a payment to labor? 0 Do these findings have any implications for income inequality? 0 Do you notice any recent trend on the Labor Share of income (prior to the current recession)? How has the Covid recession impacted labor share so far? Explain in detail