Real GDP is $700 billion, average hours worked per week is 42 and aggregate hours 150 billion hours. What is the economy's labor productivity?
A) $1.80 per hour
B) $3.75 per hour
C) $16.67 per hour
D) $46.67 per hour
E) $4.50 per hour
D
You might also like to view...
Deadweight loss results from:
a. equilibrium. b. underproduction. c. overproduction. d. none of the above are correct. e. Either b or c.
When the price of nuclear missiles rises, this change is reflected in the CPI but not in the GDP deflator
a. True b. False Indicate whether the statement is true or false
If 40 Russian rubles = $1 U.S.,
A. 1 ruble = $.025 B. 1 U.S. cent = 4 rubles C. 40 U.S. cents = 100 rubles D. $4 = 120 rubles
The long run aggregate supply curve is vertical because
A) a change in the level of prices will have no effect on real output in the long-run. B) the production possibilities curve is vertical. C) the aggregate demand curve is downward sloping. D) technology increases at a constant rate.