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i Chrome File Edit View History Bookmarks People Window Help 19% U, Mon 10:07 PM n syllabus for ECON 1 x Principles of Macro × y Quiz: chapter 8 Quiz x G increases ese ves × Microsoft Word Ch X" Q Human Resource M × e chrome File Edit V/X C secure https://coastdistrict,instructure.com/courses/39744/quizzes/1 22107/take/questions/2339453 Question 5 Question 2 1 pts Grades Exhibit 20-1 Time Running: Hide Attempt due: Jan 15 at 11:04pm 56 Minutes, 56 Seconds People Working-Age abor Population 195 million Employed LaborAverage Annual Force 130 million Force Hours per Employee Courses 140 million 1,800 hours Reference: Ref 8-1 According to the data in Exhibit 20-1, if economic conditions change such that the unemployment rate declines to 4.5 percent, what is the new value of aggregate hours? O 211 billion hours per year 205 billion hours per year 241 billion hours per year Aggregate hours will be unaffected. 220 billion hours per year Previous Next

Explanation / Answer

Correct Answer:

241 Billion hours per year

Working note:

If unemployment rate is 4.5%, then it means that 95.5% people are employed.

Average number of hours per employee per year = 1800 hours

So,

Aggregate number of hours = labor force* employed people % * hours per employee per year

Aggregate number of hours = 140*.955*1800 = 240.66 or 241 Billion of hours

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