Social Security benefits, welfare payments, and farm support payments are examples of:
A. public interest payments.
B. transfer payments.
C. consumption spending.
D. investment spending.
Answer: B
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How do markets respond to price ceilings and price floors? Do attempts to repeal the laws of supply and demand meet their objectives?
What will be an ideal response?
If asset markets are driven by the "animal spirits" of investors, then
a. those markets reflect rational behavior. b. those markets reflect irrational behavior. c. the efficient markets hypothesis is correct. d. the stock market exhibits informational efficiency.
A firm is unlikely to hire a worker if:
A. there are diminishing marginal returns to labor. B. the minimum wage set by law is less than the equilibrium wage in the market. C. the additional revenue generated by hiring the worker is less than his or her wage. D. the additional output a firms gets by hiring the worker is greater than his or her wage.
Assume the price of good Y with its quantity measured on the vertical axis is $100 and the price of good X with its quantity measured on the horizontal axis is $10. If the consumer's budget is $500, then the absolute value of the slope of the budget line is:
A. 500. B. 1/10. C. 10. D. 100.