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masya89 [10]
2 years ago
12

Assume that an economy has 1,500 workers, each working 2,000 hours per year. If the average real output per worker-hour is $20,

then total output, or real GDP, will be:
$45 million.
$60 million.
$30 million.
$3 million.
Business
1 answer:
Drupady [299]2 years ago
3 0

Answer: $60 million

Explanation: Total output is defined as the total value of all goods produced or services rendered by an individual, group or country. It is the total value which could be amassed from one's input.

Therefore,

An economy with;

Number of workers =2000

Work time of each worker = 1500 hours

Payment rate per hour = $20

Total output = (Number of workers * work time * payment rate per hour)

Total output = 2000 * 1500 * 20

Total output = $60,000,000

Therefore, total output or real gross domestic product of the country is

$60,000,000

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The Correct 1 unit and 15 units are the outputs produced by domestic and foreign producers with free trade assuming there is no tariff.

<h3>What is a free trade?</h3>

This refers to an international business policies that occurs when goods and services can be bought and sold between countries without tariffs, quotas or other restrictions being applied.

This policy tends to increase the volume of international trade among member countries and also allow them to increase their specialization in their respective comparative advantages.

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1 year ago
Norma Smith is the controller of Bramble Corporation and is responsible for the preparation of the year-end financial statements
melisa1 [442]

Answer:

Current liability refers to the short term obligations of the firm which need to be settled down within a period of one year or within a normal operating cycle.

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= $6,000

Payment of interest on loan is a liability of the firm.

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