Suppose Total Output (Real GDP) Is $4000 and Labour Productivity

question 56

Multiple Choice

Suppose total output (real GDP) is $4000 and labour productivity is 8.We can conclude that:

• A)real GDP per capita must be $500.
• B)the price-level index must be greater than 100.
• C)nominal GDP must be $500.
• D)the number of worker-hours must be 500.

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Definitions:

Unsatisfied Needs

Conditions or desires that have not been fulfilled, which can motivate behavior in an effort to satisfy them.

Maslow's Hierarchy

A theory in psychology proposed by Abraham Maslow, suggesting that people are motivated by five basic categories of needs: physiological, safety, love/belonging, esteem, and self-actualization.

Self-Actualization Needs

The highest level in Maslow's hierarchy of needs, representing the pursuit of realizing one's potential and seeking personal growth and peak experiences.

Physiological Needs

Basic physical requirements for human survival, such as food, water, and shelter, which are essential for maintaining life.