From 1960 to 2012, government transfer payments as a percentage of U.S. output have:
A. Decreased as a result of improvements in private pension and health insurance plans
B. Increased slightly at about the same rate as population
C. Tripled as a percentage of output
D. Remained approximately constant
C. Tripled as a percentage of output
Economics
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Purchases of goods and services are included in GDP, but transfer payments are not included
Indicate whether the statement is true or false
Economics
Suppose the price of rice increases and you view rice as an inferior good. The substitution effect results in a ________ change in rice consumption, and the income effect leads to a ________ change in rice consumption
A) positive, positive B) positive, negative C) negative, positive D) negative, negative
Economics