Which of the following is classified as a transfer payment and not as income?
(a) Monthly payments received from CIT by your economics lecturer;
(b) Monthly payments received from CIT by scholarship students at CIT;
(c) Monthly payments received by members of the Judiciary;
(d) Dividend payments received by the shareholders of a company.
Answer: (b) Monthly payments received from CIT by scholarship students at CIT;
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In the Ricardian model, wages are equal across industries because:
a. employers care for their workers. b. workers prefer to work in exporting industries. c. workers are freely mobile between industries. d. workers are freely mobile between countries.
A change in all of the following variables will change the market demand for a product except
A) the price of the product. B) tastes. C) income. D) population and demographics.