Labor productivity is $20 per hour and aggregate hours are 400 billion hours.
a.What does real GDP equal?
b.Because of technological advances,labor productivity doubles to $40 per hour.Furthermore,assume that aggregate hours decrease to 300 billion hours.What does real GDP equal?

Question

Quizplus · Accepted Answer

The Answer of Labor productivity is $20 per hour and aggregate hours are 400 billion hours.
a.What does real GDP equal?
b.Because of technological advances,labor productivity doubles to $40 per hour.Furthermore,assume that aggregate hours decrease to 300 billion hours.What does real GDP equal?

Labor Productivity Is $20 Per Hour and Aggregate Hours Are