If an Economy Has 800,000 Hours of Work, and Its

question 143

True/False

If an economy has 800,000 hours of work, and its labor productivity is $16/hour, then its real GDP
must be $50,000.

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Definitions:

Gross Annual Salaries

The total amount earned by an individual in a year before deductions.

Accounting Technicians

Professionals skilled in recording & managing financial transactions and preparing financial statements.

Decrease Of

Refers to the reduction in the amount, quantity, or extent of something.

Percent Less

A term used to indicate a reduction or discount applied to a price or value, expressed as a percentage of the original amount.