Transfer payments are payments to individuals for which nothing is currently rendered in return.
Answer the following statement true (T) or false (F)
True
Transfer payments are payments to individuals for which nothing is currently rendered in return.
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Along a short-run Phillips curve, the
A) long-run cost of lower inflation is higher unemployment. B) short-run cost of lower unemployment is higher inflation. C) short-run cost of lower inflation is higher interest rates. D) short-run cost of higher inflation is a higher real interest rate. E) short-run benefit of lower unemployment is lower inflation.
Which of the following is consistent with classical growth theory?
A) Real GDP per person will increase because technological change induces investment. B) Real GDP per person will never permanently increase. C) Competition destroys innovation and decreases profit. D) As real GDP increases, there will be a decrease in the rate of population growth.
A nation's merchandise trade balance reflects
a. trade in tangible products b. value of exports c. value of imports d. the same information as its balance of payments e. trade in tangibles and intangibles
A conclusion of the theory of rational expectations is that, in the short run, the impact of discretionary fiscal policies designed to shift the AD curve will:
a. result in no net change in AD once people's expectations adjustments have been accounted for b. shift AD in the opposite direction intended once people's expectations adjustments have been accounted for. c. be anticipated and compensated for, causing no significant effect on real or nominal GDP or employment. d. have to be a surprise to change real output in the intended direction.