Question : A 'Transfer Income' is an
Option 1: Income which is not produced by any production process
Option 2: Income taken away from one person and given over to another person
Option 3: Unearned income
Option 4: Earned income
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Correct Answer: Income which is not produced by any production process
Solution : Correct Answer is Income which is not produced by any production process
Any income that a recipient receives without giving the payer any goods, services, or assets in exchange is referred to as transfer income. It excludes earnings from employment or investments. Old-age pensions, scholarships, unemployment benefits, pocket money, and other forms of transfer income are examples. Transfer income (unearned income) is also received from the following three sources: - (a) Interest on the public debt (b) Current transfer from the government.
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