A payment that is made by the government for which no goods or services are given in return is known as
A) a public good.
B) a transfer payment.
C) a negative externality.
D) a free rider.
Answer: B
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Opponents of the minimum wage point out that the minimum wage
a. encourages teenagers to drop out of school. b. prevents some workers from getting needed on-the-job training. c. contributes to the problem of unemployment. d. All of the above are correct.
If the exchange rate between the yen and the dollar changes from 100 yen = $1 to 110 yen = $1, then:
A. the dollar has depreciated in value. B. U.S.-made goods will become less expensive to Japanese citizens. C. the dollar has appreciated in value. D. Japanese-made goods will become more expensive to U.S. citizens.
In the above figure, point C is
A. less preferred than point G. B. preferred to points A and B. C. preferred to points G, A, and B. D. less preferred than point H.
If a firm's marginal product of labor is less than its average product of labor, then an increase in the quantity of labor it employs definitely will
A) decrease its total product. B) decrease its average product of labor. C) increase its marginal product of labor. D) not change its average product of labor.