Compensation of employees
a. is included in the expenditure approach to GDP accounting
b. is part of consumption expenditures
c. is the largest component of national income
d. excludes contributions to employees' Social Security
e. includes rental income
C
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If a firm collects $90 in revenue when it sells 4 units, $100 in revenue when it sells 5 units, and $105 in revenue when it sells 6 units, then one can infer the firm is a:
A. perfect competitor. B. monopolist. C. price taker. D. profit maximizer.
Suppose that country X can produce 1,000 pounds of flour per hour, or catch 500 pounds of fish per hour. In contrast, country Y can produce 1,800 pounds of flour per hour, or catch 300 pounds of fish per hour. If both countries specialize in their comparative advantage and trade, by how much combined output of fish and flour per hour be greater than if there were no trade and the countries divide
an hour of time equally between each output? a. 200 pounds of flour and 200 pounds of fish. b. 400 pounds of flour and 100 pounds of fish. c. 50 pounds of flour and 50 pounds of fish. d. 160 pounds of flour and 200 pounds of fish.
Governments should tax a market with an inelastic demand if the purpose of the government is to: a. increase its tax revenue
b. discourage the consumption of a good. c. increase the deadweight loss from the tax. d. discourage the production of a good.
A measure of the burden of continual deficit financing over time is the ratio of
A. The deficit to the debt. B. The deficit to the GDP. C. Tax revenues to the debt. D. The debt to the GDP.