If Real GDP Is $11,750 Billion and Aggregate Hours Are

question 150

Multiple Choice

If real GDP is $11,750 billion and aggregate hours are 175 billion, labor productivity equals

• A) $235 per hour.
• B) $67 per hour.
• C) $23.50 per hour.
• D) $52 per hour.

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Definitions:

Usable Lifetime

The period during which a product or component is expected to perform its intended function satisfactorily under normal usage conditions.

K-Mart

A retail chain that was once one of the largest in the United States, offering a wide range of products from clothing to home goods.

Sampling Distribution

The probability distribution of a statistic based on a random sample, describing how that statistic varies in different samples.

Standard Deviation

A statistic that quantifies the amount of variation or dispersion of a set of data values from the mean.