When computing national income, which of the following is included in compensation of employees?
A) wages and salaries paid to employees
B) employers' contributions to Social Security and employee benefit plans
C) the monetary value of fringe benefits, tips, and paid vacations
D) all of the above
D
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One timing problem in using fiscal policy to counter a recession is the "recognition lag" that occurs between the
A. time the need for the fiscal action is recognized and the time that the action is taken. B. start of a predicted recession and the actual start of the recession. C. start of the recession and the time it takes to recognize that the recession has started. D. time fiscal action is taken and the time that the action has its effect on the economy.
Disequilibrium occurs due to the absence of government intervention in certain markets
Indicate whether the statement is true false.