Average Labor Productivity Times the Proportion of the Population Employed

question 30

Multiple Choice

Average labor productivity times the proportion of the population employed equals:

• A)real GDP.
• B)real GDP per person.
• C)real GDP per worker.
• D)output per worker.

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Definitions:

Reasonable Amount

A quantity or level of something that is considered fair, appropriate, and within legal or prudent limits under the circumstances.

Unilateral Contract

A contract type where only one party makes a promise in exchange for an act by the other party.

Subject Matter Illegal

Pertaining to contracts or agreements where the subject or purpose violates the law or public policy and is therefore unenforceable.

Valid Acceptance

Occurs when an offeree unequivocally agrees to the terms of an offer, thus forming a contract with clear and mutual terms.