Define Transfer Payments and Explain Why They Are Not Included

question 92

Essay

Define transfer payments and explain why they are not included in the government purchases section of the GDP accounts.

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Definitions:

Fourteenth Amendment

An amendment to the United States Constitution, ratified in 1868, granting citizenship to all persons born or naturalized in the United States, including formerly enslaved people, and providing all citizens with “equal protection under the laws.”

Foraker Act

Legislation passed in 1900 that established civil government in Puerto Rico, which had been newly acquired by the United States after the Spanish-American War.

Homestead Strike

A major industrial strike in 1892 at the Homestead Steel Works in Pennsylvania, representing a pivotal battle over labor rights in the U.S.

Public Opinion

The aggregate of individual attitudes or beliefs held by the adult population concerning particular issues or events, often measured through surveys and polls.