Question: 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

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.

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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