11) A transfer payment is a payment
A) made by the government to its current workers.
B) associated with items exported to other nations.
C) for in-kind services provided to the government.
D) for which no services or goods are rendered.
12) Which of the following is a transfer payment?
I.Social Security
II.Unemployment benefits
A) I only
B) II only
C) Both I and II
D) Neither I nor II
13) An example of an in-kind transfer is
A) national defense.
B) Social Security.
C) low-cost public housing.
D) Unemployment benefits.
14) Money payments made by governments to individuals for which no services or goods are concurrently rendered are known as
A) transfer payments.
B) government-sponsored payments.
C) government-inhibited payments.
D) black market payments.
15) Examples of transfer payments are
A) wages, profits, and rents.
B) Social Security checks and unemployment insurance payments.
C) salaries of educators, police, and firefighters.
D) federal government spending for national defense.
16) Which of the following does NOT involve transfers in kind?
A) Public housing
B) Food stamps
C) Medicare
D) Salaries of government employees
17) A political function of government is to
A) encourage the consumption of government-sponsored goods.
B) provide public goods.
C) correct for externalities.
D) encourage the workings of the price system.
18) Which of the following is a political function of government but is not a central economic function?
A) Determining who has a right to vote
B) Determining government-sponsored and government-inhibited goods
C) Providing a legal system to adjudicate property rights
D) Redistributing income from some individuals to others
19) A government-sponsored good is one that
A) is desirable to no one but ruled desirable by the court system nonetheless.
B) everyone agrees is socially desirable.
C) freely competitive markets have determined is socially desirable.
D) the political process has determined is socially desirable.
20) If a nation’s government determines that consumption of cigarettes should be discouraged, then this means that the government has judged cigarettes to be a(n)
A) government-sponsored good.
B) exclusive good.
C) government-inhibited good.
D) public good.
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