The Statistical Discrepancy That Regularly Arises in National Income Accounting

question 110

Multiple Choice

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.

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Definitions:

Material Breach

A significant violation of a contract that permits the other party to either compel performance, seek remedies for damages, or terminate the agreement.

Nonbreaching Party

The party in a contract who has not violated the agreement and may be entitled to legal remedies.

Obligations

Duties or actions that an individual or entity is legally required to perform according to the terms of a contract or law.

Mutual Rescission

An agreement between all parties to a contract to terminate their respective duties under the contract.