Question

In 2016, U.S. population was 320 million people, and U.S. employment was 160 million people. Using this information and the bar graph above, in 2016, U.S. productivity was approximately _____.

Group of answer choices

$37,500

$50,000

$100,000

$350,000

The GDP for 2016 was $50,000

Answer 1

Solution:

 

Productivity =$\frac{GDP}{Aggregate \;No. \;of \;labor\; hours}$

GDP = $50,000

Aggregate No. of labor hours =$\frac{U.S. \;employment}{U.S. \; population}$

= $\frac{160,000,000}{320,000,000} = 0.5$

Productivity = $\frac{50,000}{0.5} = 100,000$

U.S. productivity was approximately = $100,000