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We are making a historical study of the American economy from 1950 to 1980. Data on prices, the labor force, productivity, and the GNP were collected. Note in the following table that the CPI has a base period of 1967 employment is in millions of persons, and so on. A direct comparison, therefore, is not feasible.
a. Make whatever calculations are necessary to compare the trend in the four series from 1950 to 1980.
b.Interpret. |
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