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Author Question: Labor productivity is 20 per hour and aggregate hours are 400 billion hours. a. What does real ... (Read 127 times)

cookcarl

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on: Jun 29, 2018
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 2

Fill in the blank: If a rent control were set at 200 below the market clearing rent on apartments, a ________ would tend to occur.
 
  A) fall in demand
  B) surplus
  C) rise in demand
  D) shortage


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elyse44

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Reply #1 on: Jun 29, 2018
Answer to Question 1

a. Real GDP equals (labor productivity  aggregate hours) = (20 per hour  400 billion hours) = 8 trillion.
b. Real GDP now equals 12 trillion.

Answer to Question 2

D


cookcarl

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

mjenn52

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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