WAEC Economics 2022 Objective — Question 33

Question 33 of 50 from the West African Examinations Council (WAEC) 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 citizensCorrect
C. the amount paid to a worker on transfer
D. transfer of funds from one bank to another

Explanation

A transfer payment is a payment made without any corresponding economic value/service received in return, such as unemployment allowance/benefits paid to citizens.

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