If an Economy Has 2,000 Workers with Each Working 3,000

question 21

Essay

If an economy has 2,000 workers with each working 3,000 hours per year and the average real output per worker-hour is $10, what is real GDP?

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Definitions:

Openness

A personality trait characterized by an individual's willingness to try new activities, be creative, and think outside the box.

Creative

The ability or power to generate new ideas, concepts, or processes that are often considered unique or innovative.

Inheritance

The transmission of genetic information from parents to offspring, or the reception of traits, property, or titles by legal succession or will.

Personality

The unique combination of emotional, attitudinal, and behavioral response patterns of an individual.