Consider a Small Economy with Real GDP of $1 Billion

question 23

Multiple Choice

Consider a small economy with real GDP of $1 billion and the number of workers employed equal to 2500. Which of the following is the best measure of labour productivity in this economy?

• A)real GDP per employed worker = $400 000
• B)real GDP per hour worked = $200
• C)real GDP per employed worker = $200 000
• D)real GDP per hour worked = $400
• E)indeterminable from the information provided

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Definitions:

Perceive

The cognitive process of interpreting and making sense of sensory information.

Environmental Invariances

Aspects of the environment that remain stable or unchanged despite transformations or changes in perspective or conditions.

Active Interpretation

The process in which individuals actively engage with and make sense of information, rather than passively receiving it.

Direct Perception

A theory that suggests individuals perceive the world directly without requiring cognitive processes to interpret sensory information.