Assume that an economy has 2,000 workers,each working 4,000 hours per year.If the average real output per worker-hour is $10,then total output or real GDP will be

Question

Quizplus · Accepted Answer

Total output or real GDP can be calculated as follows:
Total output (GDP) = Number of workers × Number of hours worked per worker × Real output per worker-hour
= 2,000 × 4,000 × $10
= $80 million.

Assume That an Economy Has 2,000 Workers,each Working 4,000 Hours