Real GDP Equals $12 Trillion and Aggregate Hours Equals 300

question 231

Essay

Real GDP equals $12 trillion and aggregate hours equals 300 billion hours. What does labor productivity equal?

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Definitions:

Quality of Mind

Mills’s term for the ability to view personal circumstance within a social context.

Semi-periphery

Nations that are midway between the core and periphery countries, often exploiting periphery countries but being exploited by core countries.

Peripheral Countries

Nations that are not dominant in the global economy, often characterized by less economic development and dependency on core countries for capital.

Core Countries

Nations, typically developed, that dominate global economic systems, often exploiting less economically developed countries.