Consider a Small Economy with Real GDP of $1 Billion

question 31

Multiple Choice

Consider a small economy with real GDP of $1 billion and the total number of hours worked equal to 5 million.Which of the following is the best measure of labour productivity in this economy?

• A)real GDP per hour worked = $20
• B)real GDP per employed worker = $20
• C)real GDP per hour worked = $200
• D)real GDP per employed worker = $200
• E)Not able to determine from the information provided

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Definitions:

Work-In-Process

A stage in manufacturing where materials are undergoing active processing into finished goods.

Lateness

The state of being delayed or behind the expected or scheduled time.

Desktop Publishing

The use of computers and specific software to design and produce high-quality printed documents that combine text and graphics.

FCFS

"First-Come, First-Served," a basic queuing method where service is provided to customers in the order that they arrive or request it.