Assume that an economy has 50 workers,each of whom works 3,000 hours per year.If labour productivity is $8,total output for this economy will be

Name: Assume that an economy has 50 workers,each of whom works 3,000 hours per year.If labour productivity is $8,total output for this economy will be
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Question

Quizplus · Accepted Answer

Total output (Y) = Number of workers (N) x Labor productivity (Y/N) x Hours worked per worker (H/N)
Y = 50 x 8 x 3000 = 1,200,000. Therefore, the total output for this economy is $1,200,000.

Assume That an Economy Has 50 Workers,each of Whom Works