If Real GDP Is $13,000 Billion and Aggregate Hours Are

question 136

Multiple Choice

If real GDP is $13,000 billion and aggregate hours are 270 billion, labor productivity equals

• A) $45 per hour.
• B) $48 per hour.
• C) $6.50 per hour.
• D) $650 per hour.

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Definitions:

Price

The sum of money anticipated, needed, or handed over in exchange for an item.

Market Demand Curve

A graphical representation that shows the quantity of a good or service that all consumers in a market are willing and able to purchase at different prices.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price, within a specific time period.

Price

The financial quantity seen as necessary, expected, or provided in return for something.