An economy's current GDP is $100 billion, the labour force is composed of 2.2 million people, and 2 million people are employed. What is the economy's (approximate)labour productivity?
A)$5000
B)$50 000
C)0.91
D)0.45
E)$50

Question

Quizplus · Accepted Answer

Labour productivity is calculated by dividing the GDP by the number of employed people. Therefore, labour productivity is approximately $50,000 ($100 billion/ 2 million).

An Economy's Current GDP Is $100 Billion, the Labour Force