If real GDP is $1,200 billion, the population is 60 million, and aggregate hours are 80 billion, labor productivity is

Question

BlackTom AI · Accepted Answer

We start by identifying the formula for labor productivity in this context: labor productivity = real GDP / aggregate hours.

Option 1: $15.00 an hour. This would be correct if real GDP of 1,200 billion dollars is produced using 80 billion hours, since 1,200 / 80 = 15.0. The math aligns with the given numbers, so this option matches the calculated productivity.

Option 2: $5.00 an hour. If productivity were $5 per hour, the implied hours would be 1,200 / 5 = 240 hours, which does not match the provided aggregate hours of 80 billion. This inconsistency shows why this choice is incorrect.

Option 3: $6.67 an hour. A productivity of about $6.67 would imply hours equal to 1,200 / 6.67 ≈ 180 billion hours, not 80 billion. The mismatch indicates this option is not supported by the data.

Option 4: $150 an hour. This would require hours of 1,200 / 150 = 8 billion hours, which is far from the given 80 billion hours. The scale is inconsistent with the inputs.

Option 5: $20,000. This would imply hours of 1,200,000 / 20,000 = 60 billion hours (if units were consistent with trillions), but given our units are in billions and the numeric result would be enormous compared to 80 billion, the calculation does not fit the provided figures. In short, this option is not compatible with the data.

In sum, the only choice that reconciles real GDP and aggregate hours via the standard productivity calculation is the one yielding 15 dollars per hour, based on 1,200 divided by 80.

ECON 210-003 Homework 7

If real GDP is $1,200 billion, the population is 60 million, and aggregate hours are 80 billion, labor productivity is

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