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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An upward-sloping supply curve shows that: a. buyers are willing to pay more for particularly scarce products
b. suppliers expand production as the product price falls. c. suppliers are willing to increase production of their goods if they receive higher prices for them. d. buyers are willing to buy more as the product price falls. e. buyers are not affected either directly or indirectly by the sellers' costs of production.
Money is defined by economists as
A) the market value of an asset. B) the funds one receives during a specified period of time. C) any good that is widely accepted in exchange and for the repayment of debts. D) both b and c E) all of the above