Three Workers Worked 10 , 15 , 20

question 51

Essay

Three workers worked 10 , 15 , 20 hours respectively. What was the total cost of labour if the workers were paid $20.00 per hour?

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Definitions:

Net Exports

Spending on domestically produced goods by foreigners (exports) minus spending on foreign goods by domestic residents (imports).

Central Bank

An institution that manages a country's currency, money supply, and interest rates, usually with the aim of managing inflation and ensuring financial stability.

Federal Reserve Act

The act of Congress that created the Federal Reserve System in 1913, establishing the central banking system of the United States.

Maximum Employment

An economic situation in which all available labor resources are being used in the most efficient way possible.