Rank the following series from most to least volatile: output, consumption, investment. 458 2. Describe the cyclicality of consumption, investment, hours, the real wage, and real interest rate. 3. Why might the true correlation of real wages with output be understated in the data? 4. Is there one exogenous variable in the Neoclassical model that can explain all the correlations in the data? If so, which one? If not, can any two shocks simultaneously explain the correlations? 5. How is the productivity series constructed in the data? Does it move positively or negatively with output