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Assume that an economy has 1,900 workers, each working 2, 400 hours per year. If the average real output per hour of work is $24, then total output, or real GDP, will be $30 million. $45 million. $109 million. $3 million.

Assume that an economy has 1,900 workers, each working 2, 400 hours per year. If the average real output per hour of work is $24, then total output, or real GDP, will be $30 million. $45 million. $109 million. $3 million.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Assume that an economy has 1,900 workers, each working 2, 400 hours per year. If the average real output per hour of work is $24, then total output, or real GDP, will be $30 million. $45 million. $109 million. $3 million.
Transcribed Image Text:Assume that an economy has 1,900 workers, each working 2, 400 hours per year. If the average real output per hour of work is $24, then total output, or real GDP, will be $30 million. $45 million. $109 million. $3 million.
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