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:

Convex

A shape or function where a line segment joining any two points on its graph lies above or on the graph, often associated with optimization problems in economics.

Indifference Curve

A graph that shows different combinations of two goods between which a consumer is indifferent, reflecting equal levels of utility or satisfaction.

Avocados

A fruit rich in healthy fats, potassium, and vitamins, often used in culinary preparations for its creamy texture and mild flavor.

Grapefruits

A large, round citrus fruit with a bitter to semi-sweet flavor, commonly used in breakfasts and salads.