In Econland total output is $6 billion, population equals 250,000 people, and, of these, 200,000 are employed workers. Output per person in Econland equals _______ and average labor productivity equals ______.

Question

Quizplus · Accepted Answer

Output per person equals $24,000 ($6 billion / 250,000), and average labor productivity, which is output per employed worker, equals $30,000 ($6 billion / 200,000).

In Econland Total Output Is $6 Billion, Population Equals 250,000