GDP per capita in France in 2001 was equivalent to $24,230. The labor force participation rate was 44%,the employment rate was 91.5%,and hourly productivity was $39.27. The average number of hours worked yearly by an employed person was

Question

Quizplus · Accepted Answer

To find the average number of hours worked yearly by an employed person, we can use the formula for GDP per capita: GDP per capita = (Hourly productivity * Average number of hours worked yearly * Employment rate * Labor force participation rate). Rearranging the formula to solve for the average number of hours worked yearly gives us: Average number of hours worked yearly = GDP per capita / (Hourly productivity * Employment rate * Labor force participation rate). Plugging in the given values: Average number of hours worked yearly = $24,230 / ($39.27 * 0.915 * 0.44) ≈ 1532 hours.

GDP Per Capita in France in 2001 Was Equivalent to $24,230