Using data from the St. Louis Federal Reserve (FRED) (research.stlouisfed.org/fred2/), analyze differences in labor productivity among China, India, and the United States.
a. From 1952 to the present, chart the following series on the same graph: real GDP per worker for China (RGDPL2CNA627NUPN), real GDP per worker for India (RGDPLWINA627NUPN), and real GDP per worker for the United States (RGDPLWUSA627NUPN).
To chart the series on the same graph follow these steps: (1) on the page for real GDP per worker for China, click on the "Edit graph" link under the graph;
(2) On the bottom of the next page, click on the "Add Data Series" link; (3) search for the other two series and click on them to add them to your graph.
b. Calculate the relative productivity of workers in China and the United States by dividing U.S. labor productivity by China's labor productivity. Describe the change in this measure of relative productivity since 1952.
c. Repeat part (b) for the United States and India.