Real GDP, or Total Output, in Any Year Is Equal

question 238

Multiple Choice

Real GDP, or total output, in any year is equal to

• A) labor productivity divided by number of worker-hours.
• B) labor productivity multiplied by real output.
• C) number of worker-hours multiplied by labor productivity.
• D) number of worker-hours divided by labor productivity.

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Definitions:

Inventory

Goods or materials a business holds for the purpose of resale or production.

State Sales Tax

A tax imposed by a state on sales of goods and services, typically calculated as a percentage of the sale price.

Selling Price

The amount of money charged for a product or service, ultimately determining the revenue generated from sales.

Net 45

A payment term indicating that the full amount is due for payment 45 days after the invoice date.