The statistical discrepancy that regularly arises in national income accounting refers to the slight difference between
a. personal income and personal disposable income.
b. estimates of GDP and actual GDP.
c. the income and expenditure approaches to the calculation of GDP.
d. the quarterly and annual approaches to the calculation of GDP.
c
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Explain the CPI bias and how it can distort private contracts and increase government outlays
What will be an ideal response?
If diminishing marginal utility holds, and a person consumes less of a good, then all else being equal
a. the price of the good will rise b. total utility will rise c. marginal utility will rise d. expenditure on the good will increase e. marginal utility will decline
Which price would you expect to rise the most in a high-income growing economy?
a. semiconductors for personal computers b. tickets to a ballet performance c. passenger automobiles d. Blu-ray players
The aggregate demand curve shifts rightward if there is...
a) an increase in tax rates b) a decreases in government expenditure c) an increase in the federal budget surplus d) an increase in government expenditure