Consider a Small Economy with Real GDP of $1 Billion

question 37

Multiple Choice

Consider a small economy with real GDP of $1 billion and the number of workers employed equal to 2500.Which of the following is the best measure of labour productivity in this economy?

• A)real GDP per hour worked = $200
• B)real GDP per employed worker = $200 000
• C)real GDP per hour worked = $400
• D)real GDP per employed worker = $400 000
• E)Not able to determine from the information provided

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Definitions:

Low-value

Refers to items or services perceived as having a lower worth or importance, often associated with lower prices or quality.

Selling Price

The amount of money charged for a product or service; the price at which an item is sold to the public.

Less Aggressively

A comparative manner of acting or proceeding with less force, intensity, or assertiveness than before or than others.

Oral Auction

A public sale in which goods or property are sold to the highest bidder through spoken bids.