Answer: $60 million
Explanation: Total output is defined as the total value of all goods produced or services rendered by an individual, group or country. It is the total value which could be amassed from one's input.
Therefore,
An economy with;
Number of workers =2000
Work time of each worker = 1500 hours
Payment rate per hour = $20
Total output = (Number of workers * work time * payment rate per hour)
Total output = 2000 * 1500 * 20
Total output = $60,000,000
Therefore, total output or real gross domestic product of the country is
$60,000,000
Answer:
The real GDP will be $60 million.
Explanation:
Number of Workers [tex]= 1500[/tex]
Each Working [tex]= 2000\ hrs[/tex]
Average real output per worker-hour is = $[tex]$20[/tex]
Real GDP [tex]=?[/tex]
Step 1:
Real GDP is a stratagem of a Nation's Gross Domestic commodity that has been balanced for inflation.
Real GDP or total Output = Number of workers × working Hours × average
[tex]=$1500 \times 2000 \times 20$[/tex]
[tex]= $60,000,000$[/tex]
Thus we can say, the real GDP will be $60 million.
To Learn more about Real GDP, refer:
