Question :
51.Transferpayments
a.arepaymentsthatflowfromgovernmenttohouseholds.
b.arenotmadeinexchangeforcurrentlyproducedgoodsorservices.
c.alterhouseholdincome,buttheydonotreflectthe : 1261643
51.Transferpayments
a.arepaymentsthatflowfromgovernmenttohouseholds.
b.arenotmadeinexchangeforcurrentlyproducedgoodsorservices.
c.alterhouseholdincome,buttheydonotreflecttheeconomy’sproduction.
d.Alloftheabovearecorrect.
52.Atransferpaymentisapaymentmadeby
a.consumers,butnotinexchangeforatangibleproduct.
b.firms,butnotinexchangeforcapitalequipment.
c.foreigners,butnotinexchangeforadomestically-producedgoodorservice.
d.government,butnotinexchangeforacurrentlyproducedgoodorservice.
53.Transferpaymentsare
a.includedinGDPbecausetheyrepresentincometoindividuals.
b.includedinGDPbecausetheyeventuallywillbespentonconsumption.
c.notincludedinGDPbecausetheyarenotpaymentsforcurrentlyproducedgoodsorservices.
d.notincludedinGDPbecausetaxeswillhavetoberaisedtopayforthem.
54.Whichofthefollowingrepresentsatransferpayment?
a.Youtransfer$1,000fromyourbankaccounttoamutualfund.
b.ThegovernmentsendsyourgrandfatherhisSocialSecuritycheck.
c.Youmakeapaymenttogetlegaldocumentsshowingyoupurchasedapreviouslyownedhome.
d.Youremployerautomaticallytransfers$100eachmonthfromyourwagestoanon-taxablemedicalspendingaccount.
55.SocialSecuritypaymentsare
a.includedinGDPbecausetheyrepresentcurrentincome.
b.includedinGDPbecausetheyrepresentpotentialconsumption.
c.excludedfromGDPbecausetheyarenotprivatepensions.
d.excludedfromGDPbecausetheydonotreflecttheeconomy’sproduction.
56.Unemploymentcompensationis
a.partofGDPbecauseitrepresentsincome.
b.partofGDPbecausetherecipientsmusthaveworkedinthepasttoqualify.
c.notpartofGDPbecauseitisatransferpayment.
d.notpartofGDPbecausethepaymentsreducebusinessprofits.
57.Toencourageformationofsmallbusinesses,thegovernmentcouldprovidesubsidies;thesesubsidies
a.wouldbeincludedinGDPbecausetheyarepartofgovernmentpurchases.
b.wouldbeincludedinGDPbecausetheyarepartofinvestmentexpenditures.
c.wouldnotbeincludedinGDPbecausetheyaretransferpayments.
d.wouldnotbeincludedinGDPbecausethegovernmentraisestaxestopayforthem.
58.AftertheterroristattacksonSeptember11,2001,governmentswithintheUnitedStatesraisedexpenditurestoincreasesecurityatairports.Thesepurchasesofgoodsandservicesare
a.notincludedinGDPsincetheydonotrepresentproduction.
b.notincludedinGDPsincethegovernmentcollectstaxestopayforthem.
c.includedinGDPsincegovernmentexpendituresongoodsandservicesareincludedinGDP.
d.includedinGDPonlytotheextentthatthefederalgovernment,ratherthanstateorlocalgovernments,paidforthem.
59.Whichofthefollowingitemsiscountedaspartofgovernmentpurchases?
a.Thefederalgovernmentpays$2,000inSocialSecuritybenefitstoaretiredperson.
b.ThecityofAthens,Ohiopays$10,000toatree-trimmingfirmtotrimtreesalongcityboulevards.
c.ThestateofNebraskapays$1,000tohelpalow-incomefamilypayitsmedicalbills.
d.Alloftheabovearecorrect.
60.TheU.S.governmentpaysaneconomistattheU.S.DepartmentofCommerce$100,000insalaryin2013.Theeconomistthenretires.In2014,thegovernmentpayshim$60,000inSocialSecuritybenefits.Whichofthefollowingiscorrect?
a.The2013paymentisincludedin2013GDPasgovernmentpurchases,andthe2014paymentisincludedin2014GDPasgovernmentpurchases.
b.The2013paymentisincludedin2013GDPasgovernmentpurchases,butthe2014paymentisnotincludedin2014GDP.
c.The2013paymentisincludedin2013GDPasgovernmentpurchases,andthe2014paymentisincludedin2014GDPasgovernmenttransferpayments.
d.The2013paymentisincludedin2013GDPasgovernmentpurchases,andthe2014paymentisallocatedtopreviousyears’GDPaccordingtotheamountofworkperformedbytheeconomisteachyear.