Money payments made by governments to individuals for which no services or goods are concurrently rendered are known as
A) transfer payments.
B) government-sponsored payments.
C) government-inhibited payments.
D) black market payments.
Answer: A
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The law of diminishing returns to labor implies that
a. capital is more productive than labor b. workers become less efficient once they have a secure job c. output increases at a decreasing rate with the employment of new workers d. employers pay workers a wage rate that is less than the workers' MRP e. capital is less productive than labor
Which one of the following is a credit in the U.S. current account?
a. the purchase of a U.S. car by a German b. the purchase of insurance from Lloyd's of London by an American c. a trip to Mexico by an American student d. the purchase of Japanese bonds by an American investor
Alex is playing his music at full volume in his dorm room. The other people living on his floor are enjoying his music, but Alex does not know or care. Alex's music playing is an example of a:
A. Pareto externality. B. negative externality. C. normative externality. D. positive externality.
When a good ends up undersupplied, we can assume it is a:
A. private good. B. public good. C. common resource. D. transitory good.