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.

---

Definitions:

Overtime Provisions

Regulations that govern the compensation for employees who work beyond the standard working hours, often entailing higher rates of pay.

Fair Labor Standards Act

A United States federal law that sets minimum wage, overtime pay eligibility, recordkeeping, and child labor standards for full-time and part-time workers.

Classification System

A framework for categorizing and organizing elements into groups based on shared characteristics, used across various fields like biology, information management, and job grading.

Job Evaluation

A systematic process to determine the relative worth of jobs within an organization for the purpose of establishing fair pay scales.