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27 January, 11:32

Suppose real GDP for a country is $1,200 billion. The GDP price index is 114.6. There are 25 million workers who work 36 hours per week, and the real wage averages $16 per hour. What is labor productivity for this country?

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  1. 27 January, 14:05
    0
    1,333.33

    Explanation:

    Labor productivity is measures the hourly output of a country's economy. Specifically, it charts the amount of real gross domestic product (GDP) produced by an hour of labor.

    total labor hours = 25milion x 36 hours per week

    = 900 million

    labor productivity = GDP : total labor hours

    labor productivity = $1,200 billion : 900 million

    $1,333.33 per hour
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Home » Business » Suppose real GDP for a country is $1,200 billion. The GDP price index is 114.6. There are 25 million workers who work 36 hours per week, and the real wage averages $16 per hour. What is labor productivity for this country?
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