If Real GDP Is $13,500 Billion and Aggregate Hours Are

question 271

Multiple Choice

If real GDP is $13,500 billion and aggregate hours are 110 billion, labor productivity equals

• A) $104 per hour.
• B) $123 per hour.
• C) $675 per hour.
• D) $6.75 per hour.

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Definitions:

Bourbon Reforms

A series of political and economic measures implemented by the Spanish Crown in the 18th century to revitalize the economies of Spanish colonies and increase their revenue.

Colonial Empire

A group of territories acquired and governed by a foreign power, notable for historic instances of exploitation and cultural imposition.

Spain

A country in southwestern Europe known for its rich history, diverse culture, and significant contributions to art, exploration, and cuisine.

European Enlightenment

An intellectual and cultural movement in the 17th and 18th centuries that emphasized reason, individualism, and skepticism towards traditional doctrines.