Remittances to foreign countries from legal and illegal residents of the United States are examples of ________.

Question

Quizplus · Accepted Answer

Remittances to foreign countries from legal or illegal residents of the United States are examples of transfer payments, as they represent the transfer of income or wealth from one country to another without any corresponding exchange of goods or services. These payments are not considered exports or imports, as no tangible goods or services are being exchanged. They are also not factor payments, as they do not involve compensation for the use of factors of production such as labor or capital.

Remittances to Foreign Countries from Legal and Illegal Residents of the United