If the Average Worker's Productivity Is $12 Per Hour and the Labor

question 32

Multiple Choice

If the average worker's productivity is $12 per hour and the labor force is employed for 600 billion hours,GDP is equal to

• A)$7.2 trillion.
• B)$50 billion.
• C)$588 billion.
• D)$612 billion.

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Definitions:

Price Elastic

A term related to price elasticity of demand, indicating how responsive the quantity demanded of a good or service is to a change in its price.

Product

Anything that can be offered to a market to satisfy a want or need, including goods, services, and ideas.

Income Elasticity

A measure of how the demand for a good or service changes in relation to a change in income.

Good

A tangible product that satisfies human wants or needs.