If Real GDP Is $11,750 Billion and Aggregate Hours Are

question 17

Multiple Choice

If real GDP is $11,750 billion and aggregate hours are 175 billion, labor productivity equals

• A) $23.50 per hour.
• B) $52 per hour.
• C) $67 per hour.
• D) $235 per hour.

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Definitions:

Effort Justification

A psychological phenomenon where individuals rationalize the effort they put into a task by increasing their valuation of the outcome.

Minimal Deterrence

A strategy in international relations aimed at preventing undesirable actions by other states, using the least force or threat possible.

Overjustification

The phenomenon where providing an extrinsic reward for behavior that was previously intrinsically rewarding can lead to a reduction in intrinsic motivation.

Cognitive Dissonance

A psychological state of discomfort caused by holding conflicting beliefs, values, or attitudes, leading to motivation for change.