If Real GDP Is $12,150 Billion and Aggregate Labour Hours

question 15

Multiple Choice

If real GDP is $12,150 billion and aggregate labour hours are 270 billion, labour productivity equals

• A)$6.50 an hour.
• B)$45 an hour.
• C)$48 an hour.
• D)$650 an hour.
• E)$32.81 an hour.

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Definitions:

Cartel

A cartel refers to an association of independent businesses or countries that collaborate to manipulate prices and limit competition for certain goods or services.

Cartel

An agreement between competing firms to control prices or exclude entry of a new competitor in a market, usually to increase market power and profits.

Formal Agreement

refers to a legally binding contract between parties that outlines specific obligations and rights.

Covert Collusion

A secret agreement between firms to fix prices, limit production, or engage in other practices to restrict competition illegally.