Total output for an economy is basically equal to total hours of work multiplied by labor productivity.

Name: Total output for an economy is basically equal to total hours of work multiplied by labor productivity.
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Question

Quizplus · Accepted Answer

Total output for an economy is calculated by multiplying total hours of work by labor productivity. This is known as the Total Factor Productivity (TFP) formula, which measures the amount of output that can be produced from a given amount of inputs. Therefore, the statement is true.

Total Output for an Economy Is Basically Equal to Total