Question

Suppose total output (real GDP) is $1,000 and labor productivity is $10. We can conclude that the number of worker hours must be

Answer 1

Answer:

100 hours

Explanation:

Total output  = labour productivity x hours worked

$1000 = $10 x hours

hours = $1000 / $10

= 100

Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year

Real GDP is GDP calculated adjusting for  inflation.