The tables below show a nation's labor demand and labor supply schedules and its production function. Quantity of labor demanded Quantity of labor supplied (billions of hours per year) Real wage rate (2012 dollars) (billions of hours per year) 50 80 100 40 90 90 30 100 80 20 110 70 10 120 60 Employment (billions of hours per year) Real GDP (billions of 2012 dollars) 60 2.0 70 3.0 80 3.7 90 4.2 110 4.5 Given the equilibrium in the labor market, potential GDP is O A. $4.2 trillion. O B. $3.0 trillion. OC. $3.7 trillion. O D. $2.0 trillion. O E. $4.5 trillion.

The tables below show a nation's labor demand and labor supply schedules and its production function. Quantity of labor demanded Quantity of labor supplied (billions of hours per year) Real wage rate (2012 dollars) (billions of hours per year) 50 80 100 40 90 90 30 100 80 20 110 70 10 120 60 Employment (billions of hours per year) Real GDP (billions of 2012 dollars) 60 2.0 70 3.0 80 3.7 90 4.2 110 4.5 Given the equilibrium in the labor market, potential GDP is O A. $4.2 trillion. O B. $3.0 trillion. OC. $3.7 trillion. O D. $2.0 trillion. O E. $4.5 trillion.

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter30: The Labor Market

Section: Chapter Questions

Problem 14E

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