Assume that an economy has 50 workers, each of whom works 3000 hours per year. If labor productivity is $8, total output for this economy will be:

Name: Assume that an economy has 50 workers, each of whom works 3000 hours per year. If labor productivity is $8, total output for this economy will be:
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Quizplus · Accepted Answer

Total output is calculated by multiplying the number of workers, the number of hours each works, and the labor productivity. So, 50 workers * 3000 hours/worker * $8 = $1,200,000.

Assume That an Economy Has 50 Workers, Each of Whom