If Real GDP Is $800 Million and Aggregate Labor Hours

question 277

Multiple Choice

If real GDP is $800 million and aggregate labor hours are 20 million, labor productivity is
)

• A) $40 per hour
• B) $160 per hour
• C) $40 million
• D) $16,000 million

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Definitions:

Performance

The level at which an individual, group, or organization accomplishes its goals and objectives, often evaluated against a set of standards.

Potential Performance

An individual's or organization's capacity to achieve output or results beyond current levels, given the right conditions or development.

Actual Performance

Refers to the real and measurable results of an individual's or organization's work activities and efforts.

Process Losses

The inefficiencies that result in diminished productivity or effectiveness within a group’s collaborative efforts.