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01-07-2021
Business

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

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ewomazinoade ewomazinoade

05-07-2021

Answer:

100

Explanation:

Hours worked = Real GDP / labour productivity

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

GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export

Real GDP is GDP calculated using base year prices. Real GDP has been adjusted for inflation.

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