An example of a transfer payment is
A. unemployment insurance benefits.
B. the President's salary.
C. court costs paid by the defendants in a law suit.
D. a payment to a defense contractor.
Answer: A
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Demand-pull inflation can develop when
A. Inventories shrink and consumers bid up prices. B. Undesired investment occurs. C. There is a surplus of resources and so wages are bid up by employers. D. There is a shortage of investment and investors bid up interest rates.
The average number of times in a year each dollar is used to buy goods and service is called
A) rate of circulation speed. B) circulation rate. C) velocity of circulation. D) nominal GDP. E) inflation.
If the total cost of producing 20 units of output is $1,000 and the average variable cost is $35, what is the firm's average fixed cost at that level of output?
A) $65 B) $50 C) $15 D) It is impossible to determine without additional information.
Classical economists are generally associated with:
A. their support of inflation. B. price controls. C. laissez-faire. D. an activist policy.