The Country of Southland Produced $2,000 Billion of Output in One

question 59

Multiple Choice

The country of Southland produced $2,000 billion of output in one year.The population of Southland was 100 million,60 million of whom were employed.What was average labour productivity in Southland?

• A) $20.
• B) $33.
• C) $20,000.
• D) $33,333.
• E) $50,000.

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Definitions:

Buyers

Individuals or entities that purchase goods or services for consumption, use, or investment.

Total Surplus

The combined benefit that all participants (consumers and producers) receive in a market, represented by the sum of consumer and producer surplus.

Market Equilibrium

A condition in a market where the quantity demanded equals the quantity supplied, leading to a stable price.

Good

A tangible item that is produced and is capable of being offered to a market to satisfy a want or need.