A transfer payment is
A. an in kind payment for working "off the books."
B. a bonus to get a worker to accept a transfer.
C. a cash payment for transferring a good from one person to another.
D. a cash payment made by the government to people who do not supply goods, services or labor in exchange for the payment.
Answer: D
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Explain the four assumptions on which the theory of consumer choice is based. Select one of these assumptions and explain what would happen if this assumption did not hold true
What will be an ideal response?
Some firms practice odd pricing because
A) it is a way to price discriminate. B) it is too difficult for sellers to reeducate buyers into accepting even prices. C) it lowers transactions costs. D) they believe that customers will buy a larger quantity with an odd price.
Which of the following will cause a movement along the supply curve for oil?
A) new technology to drill oil underwater in the Gulf of Mexico B) a change in the price of oil C) an increase in the number of oil-producing firms D) government subsidies to oil producers in Wyoming
Suppose a new pollution tax of $0.01 per kilowatt-hour of electricity is imposed on coal-fired power producers by the federal government. Which of the following correctly describes how this tax will affect the market for electricity served by these power plants?
a. Demand for electricity will increase. b. Demand for electricity will decrease. c. The supply of electricity will decrease. d. The supply of electricity will increase.