Jayden, a U.S. citizen, works only in Canada. The value that his labor contributes to U.S. output is
a. included in both U.S. GDP and U.S. GNP.
b. included in U.S. GDP, but it is not included in U.S. GNP.
c. included in U.S. GNP, but it is not included in U.S. GDP.
d. included in neither U.S. GDP nor U.S. GNP.
C
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With respect to labor supply, the substitution effect means a
A) person increases his or her hours of labor in response to a higher wage rate. B) person decreases his or her hours of labor in response to a higher wage rate. C) person substitutes high paying work for low paying work. D) firm substitutes capital for labor.
The difference between M1 and M2 is given by which of the following?
A. M1 includes currency, coins, gold and silver, whereas M2 does not contain gold and silver. B. M1 is made up of currency and money in checkable accounts, whereas M2 contains M1 plus savings deposits and time deposits. C. M1 is limited to currency, whereas M2 contains M1 plus money in checkable accounts. D. M1 includes currency, whereas M2 contains M1 plus money in checking accounts.