Assume that an economy has 1500 workers, each working 2000 hours per year. If the average real output per worker-hour is $20, then total output or real GDP will be:
A. $3 million
B. $30 million
C. $45 million
D. $60 million
D. $60 million
Economics
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Which of the following occurs in the factor market?
A) households exchange resources for goods and services. B) firms exchange money for resources. C) firms exchange goods and services for resources. D) households exchange money for goods and services.
Economics
The income-expenditure model is best used for short-run analysis of economic fluctuations
Indicate whether the statement is true or false
Economics
Refer to Table 3.1. This market will be in equilibrium if the price per pizza is Group of answer choices
A. $15. B. $12. C. $6. D. $9.
Economics
Goods that are consumed over a short period
What will be an ideal response?
Economics