Suppose Total Output (Real GDP) Is $4000 and Labour Productivity

question 56

Multiple Choice

Suppose total output (real GDP) is $4000 and labour productivity is 8.We can conclude that:

• A)real GDP per capita must be $500.
• B)the price-level index must be greater than 100.
• C)nominal GDP must be $500.
• D)the number of worker-hours must be 500.

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Definitions:

Earn

To receive payment or reward for work performed or for the provision of goods or services.

Economic Values

The monetary, material, or assessed worth of an asset, good, or service, which is determined by the market or by individual or societal preferences.

Annual Rate

Annual rate, often used in the context of loans and investments, refers to the percentage that signifies the yearly cost of funds or the yearly return on investment.

Annual Rate

Typically refers to the interest rate for a whole year, as opposed to a shorter period, on a loan, investment, or deposit.