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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

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  • $3 million.
  • $5 million.
  • $25 million.
  • $15 million.

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