Asked by vaughn peens on May 27, 2024
Verified
According to data compiled by the Bureau of Economic Analysis, from 1960 to 2018, 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.
Transfer Payments
Payments made by governments to individuals without any expectation of services or goods in return, often in the form of welfare or subsidies.
U.S. Output
The total economic production of goods and services by the United States.
- Comprehend the fundamentals and implications of public finance, encompassing taxation, governmental spending, and borrowing.
Verified Answer
FH
fatema hassnJun 02, 2024
Final Answer :
C
Explanation :
Government transfer payments as a percentage of U.S. output have tripled from 1960 to 2018. This reflects a significant increase in the role of government in the economy, particularly in areas such as social security, healthcare, and welfare programs.
Learning Objectives
- Comprehend the fundamentals and implications of public finance, encompassing taxation, governmental spending, and borrowing.