The Table Below Shows the Quantity of Labor (Measured in Hours)

question 47

Multiple Choice

The table below shows the quantity of labor (measured in hours) and the productivity of labor (measured in real GDP per hour) in a hypothetical economy in three different years. Refer to the above table. Between Year 2 and Year 3, real GDP increased by:

• A) 2 percent
• B) 5 percent
• C) 10 percent
• D) 15 percent

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Definitions:

Methodology

A system of methods used in a particular area of study or activity, often implying a structured or systematic approach.

Flexible Global Supply Chain

A supply chain designed to swiftly adjust to changes in demand, supply, and market conditions worldwide.

Demand Uncertainty

The unpredictability of consumer demand for a product or service, making planning and forecasting challenging.

Exchange Rates

The value of one currency for the purpose of conversion to another.