GCE Economics 2022 Objective — Question 33

Question 33 of 50 from the General Certificate of Education (GCE) Economics 2022 Objective paper, with the correct answer and a full explanation.

An example of transfer payments in national income accounting is

A. money transferred to another country
B. unemployment allowance paid to the citizensCorrect
C. the amount paid to a worker on transfer
D. transfer of funds from one bank to another

Explanation

Transfer payments are payments made outside economic activity, i.e. without an exchange of goods and services, such as unemployment benefits/allowances, pensions and scholarships.

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