If Real GDP Is $800 Million and Aggregate Labor Hours

question 51

Multiple Choice

If real GDP is $800 million and aggregate labor hours are 20 million, labor productivity is

• A) $40 per hour.
• B) $16,000 million.
• C) $40 million.
• D) $160 per hour.

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Definitions:

Purchase Discount

A reduction in the price paid for goods or services if payment is made within a specified time frame.

Early Payment

A financial transaction where a debt or obligation is settled before its due date.

Credit Period

The duration of time the buyer is given to pay for a purchase after the goods are delivered or the services are provided.

Discount Period

The time frame during which a buyer can pay less than the full invoice amount due to early payment incentives.