Real GDP Is $700 Billion,average Hours Worked Per Week Is

question 173

Multiple Choice

Real GDP is $700 billion,average hours worked per week is 42 and aggregate hours 150 billion hours.What is the economy's labor productivity?

• A)$1.80 per hour
• B)$3.75 per hour
• C)$16.67 per hour
• D)$46.67 per hour
• E)$4.50 per hour

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Definitions:

Extraordinarily High Inflation

A situation where the rate of inflation becomes extremely high and uncontrollable, eroding purchasing power and destabilizing the economy.

Budget Deficit

The financial situation where government’s expenditures exceed its revenues within a specific time period, leading to borrowing or debt accumulation.

Central Bank

An institution that manages a country's currency, money supply, and interest rates, and oversees the commercial banking system.

Open Market Purchases

Transactions by a central bank in which it buys securities from the market to increase the money supply and encourage economic activity.