Transfer payments are money received as grants from government.
Answer the following statement true (T) or false (F)
True
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Assume that a seller in a perfectly competitive market charges more than the equilibrium price. It is likely that this seller will:
A) increase his sales. B) lose only a few buyers. C) increase his profit. D) lose almost all of his buyers.
The tax multiplier is the
A) magnification effect of a change in taxes on aggregate supply. B) magnification effect of a change in taxes on the national debt. C) magnification effect of a change in taxes on the budget deficit. D) magnification effect of a change in taxes on government expenditures. E) magnification effect of a change in taxes on aggregate demand.
Which measure of money would we most likely use if we were interested in looking at saving in the economy?
A. Hard money B. M1 C. M2 D. Reserves
Which of the following is considered a service in the calculation of GDP?
A. Manufacturing automobiles. B. Tax preparation. C. Constructing new homes. D. Manufacturing reclining chairs.