If the rate of growth of U.S. productivity lags behind the rate of growth of productivity in most other countries,

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If the U.S. productivity lags behind other countries, it means that the cost of production in the U.S. is higher relative to other countries. This will make U.S. goods more expensive, leading to a rise in prices relative to foreign goods, which will reduce demand for U.S. goods. This decrease in demand will eventually lead to a depreciation of the U.S. exchange rate, making U.S. goods cheaper relative to foreign goods.

If the Rate of Growth of U