The Quantity of Real GDP Produced by One Hour of Labor

question 55

Multiple Choice

The quantity of real GDP produced by one hour of labor is defined as

• A)labor productivity.
• B)the growth rate of technology.
• C)economic growth.
• D)real GDP per person.
• E)the advance in technology.

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Definitions:

Currency Exchange Rate

The value of one currency for the purpose of conversion to another.

Country's Currency

The legal tender issued by a country's government, used as a medium of exchange within its economy.

Income Distribution

The way in which total income is shared amongst the population or different groups within society.

Per Capita Incomes

The average income earned per person in a certain area or country, calculated by dividing the area's total income by its total population.