Sam, an American citizen, prepares meals for his family at home. Ellen, a Canadian citizen, commutes to the U.S. to help prepare meals at a restaurant in Idaho. Whose value of services preparing meals is included in U.S. GDP?
a. Sam's and Ellen's.
b. Sam's but not Ellen's.
c. Ellen's but not Sam's.
d. Neither Sam's nor Ellen's.
c
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Refer to the Article Summary. Labor productivity in the UK was well below the productivity in five of the other G7 nations, only faring better than Japan.. Labor productivity is important for an economy because an increase in labor productivity
A) allows the average consumer to increase consumption. B) will create short-run, but not long-run, economic growth. C) will increase output and decrease wages in the long run. D) will increase the labor force participation rate.
Inflation reduces the return to capital gains _____
a. only on large assets such as houses b. because people have to pay taxes on nominal capital gains c. when tax rates on capital gains are high d. only under hyperinflation