ECONOMICS
BALANCE OF PAYMENTS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Gifts, donations and foreign aid are all classed as:
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Export and import
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Non factor and factor income
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Transfer payments
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All of these
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Explanation:
Detailed explanation-1: -There are many other types of transfer payments. They can be made from one person to another or even from an individual to an organization. These can include individual donations to charities or non-profit organizations, or even a simple cash gift from one person to another.
Detailed explanation-2: -Examples of transfer payments include welfare, financial aid, social security, and government subsidies for certain businesses.
Detailed explanation-3: -A corporate tax cut is not a transfer payment.
Detailed explanation-4: -Examples of transfer payments would include student scholarship grants, welfare checks, and social security benefits.
There is 1 question to complete.