If real GDP is $1,200 billion, the population is 60 million, and aggregate hours are 80 billion, labor productivity is
A) $6.67 an hour.
B) $15.00 an hour.
C) $150 an hour.
D) $5.00 an hour.
E) $20,000.
B
Economics
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As more labor is hired, moving along the production function, diminishing returns occur because
A) workers are overworked and so their productivity decreases. B) the wage rate paid is too low and so workers decrease their work effort. C) there are fixed quantities of other resources. D) the real wage rate must increase in order to hire additional workers. E) real GDP increases more rapidly the more workers are hired.
Economics
Define the term "import."
What will be an ideal response?
Economics