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Assume that an economy has 500 workers, each working 1,500 hours per year. If the average real output per worker-hour is $20, then total output,
Assume that an economy has 500 workers, each working 1,500 hours per year. If the average real output per worker-hour is $20, then total output, or real GDP, will be
- $3 million.
- $5 million.
- $25 million.
- $15 million.
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