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Question
Which of the following are transfer payments?
Options
old-age pensions
gifts received from the relatives
donations
all of these
MCQ
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Solution
all of these
Explanation:
In economics, transfer payments are unilateral payments made without the exchange of commodities or services. These may be public (government) or private in nature.
- Old-age pensions: A government transfer payment provided without any service in return.
- Gifts from relatives: A private transfer payment, yet considered a transfer due to non-reciprocity.
- Donations: Donations are private transfers given willingly without seeking anything in return.
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