If Real GDP Is $12,150 Billion and Aggregate Labour Hours

question 75

Multiple Choice

If real GDP is $12,150 billion and aggregate labour hours are 270 billion, labour productivity equals

• A)$32.81 an hour.
• B)$48 an hour.
• C)$6.50 an hour.
• D)$650 an hour.
• E)$45 an hour.

Recognize the influence of physical appearance on interpersonal judgments.

Identify examples and reasons behind conformity in social behavior.

Explore the evolutionary perspectives on bias and its impact on person perception.

Understand the dynamics of group behavior and the bystander effect.

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Definitions:

Homogeneous Product

Goods that are perfectly identical in quality, style, and substance, making them indistinguishable from products produced by competing companies.

Kinked Demand Curve Model

A model in oligopoly markets suggesting that firms may not change their prices because an increase could be ignored by rivals, while a decrease might be matched.

Price Stability

A situation in an economy where prices in general do not change significantly over time, minimizing uncertainty and conducive to economic growth.

Oligopolies

Market structures characterized by a small number of firms that have significant market power, which can influence prices and output levels.