How Do Americans Spend the Majority of Their Productive Time

question 15

Multiple Choice

How do Americans spend the majority of their productive time?

• A)in personal care
• B)at work
• C)watching TV
• D)in family care

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Definitions:

Real GDP

An inflation-adjusted measure that reflects the value of all goods and services produced by an economy in a given year, expressed in base-year prices, to reveal the true growth rate.

Intermediate Good

A product used to produce a final good or finished product, also known as a semi-finished product.

Direct Tax

Tax on a particular person. Most important are federal personal income tax and payroll (Social Security) tax.

Excise Tax

A tax imposed on specific goods, services, or transactions, often included in the price of products like gasoline, alcohol, and tobacco, aimed at reducing their consumption or raising revenue.