Labor Productivity Is $20 Per Hour and Aggregate Hours Are

question 268

Essay

Labor productivity is $20 per hour and aggregate hours are 400 billion hours.
a.What does real GDP equal?
b.Because of technological advances,labor productivity doubles to $40 per hour.Furthermore,assume that aggregate hours decrease to 300 billion hours.What does real GDP equal?

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Definitions:

Manifest Conflict

A type of conflict that is openly expressed and observed, often involving direct confrontation between parties.

Supervisor-subordinate

The dynamic relationship between a manager or leader and their direct reports, characterized by guidance, oversight, and performance evaluation.

Vertical Conflict

Conflict that arises between different levels of an organizational hierarchy, such as between management and staff, often due to miscommunication or differing objectives.

Authoritative Command

A leadership style characterized by clear direction and expectations while allowing input and respecting subordinates.