Assume that an economy has 500 workers, each working 1,500 hours per year. If the average real output per worker-hour Is $20, then total output, or real GDP, will be Multiple Cholce $3 million. $5 million, $25 million. $15 million.

Assume that an economy has 500 workers, each working 1,500 hours per year. If the average real output per worker-hour Is $20, then total output, or real GDP, will be Multiple Cholce $3 million. $5 million, $25 million. $15 million.

Macroeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506756

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter7: Taking The Nation's Economic Pulse

Section: Chapter Questions

Problem 2CQ

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Assume that an economy has 500 workers, each working 1,500 hours per year. If the average real output per worker-hour Is $20, then total output, or real GDP, will be
Multiple Cholce
$3 million.
$5 million,
$25 million.
$15 million.

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