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Real GDP per person is equal to:Group of answer choicesaverage labour productivity multiplied by the total populationaverage labour productivity multiplied by disposable incomeaverage labour productivity multiplied by marginal productivity of workersaverage labour productivity multiplied by the share of the population employed

Question

Real GDP per person is equal to:Group of answer choicesaverage labour productivity multiplied by the total populationaverage labour productivity multiplied by disposable incomeaverage labour productivity multiplied by marginal productivity of workersaverage labour productivity multiplied by the share of the population employed

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Solution

Real GDP per person is equal to average labour productivity multiplied by the share of the population employed.

Here's the step by step explanation:

  1. Real GDP (Gross Domestic Product) is a measure of a country's economic output adjusted for price changes (inflation or deflation).

  2. Per person means it's divided by the total population of the country.

  3. Average labour productivity is the output per labour hour.

  4. The share of the population employed refers to the percentage of the country's population that is employed.

So, if you multiply the average labour productivity by the share of the population employed, you get the total output of the country (Real GDP). When you divide this by the total population, you get the Real GDP per person.

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