Assume that an economy has 2000 workers, each working 3000 hours per year. The average real output per worker-hour is $10. What will the total output or real GDP be? Explain
Please provide the best answer for the statement.
$60 million. Take the 2000 workers and multiply that number times 3000 work hours. It results in 6,000,000 work hours. Multiplying this number of work hours by $10 per hour results in $60 million.
You might also like to view...
When it is cheaper for one firm to produce a particular product, ____ exist(s)
a. economies of scale b. economies of scope c. diminishing marginal returns d. cross-subsidization
Average total cost is equal to
a. output/total cost. b. total cost - total quantity of output. c. average variable cost + total fixed cost. d. total cost/output.
The main difference between the short run and the long run is that
A. in the long run, all inputs are fixed. B. in the short run, some inputs are fixed and some are variable. C. the short run always refers to a time period of less than five years. D. the long run always refers to a time period of one year or longer.
North Korea has ____________ the process of globalization, while South Korea has _______________ it. A likely result of this is that South Koreans have a much ______________ standard of living than North Koreans
A) embraced; avoided; higher B) embraced; avoided; lower C) avoided; embraced; lower D) avoided; embraced; higher