Identify the transfer payment from the following options. a. Pension O b. Wage O c. Interest d. Profit Which of the following branch of economics studies the economy as a whole? a. Microeconomics b. Applied economics c. Macroeconomics O d. Welfare economics What is true about equilibrium price level? a. There will be some shortages in the economy Ob. There will be either surplus or shortages in the economy OC. There will be some surplus in the economy O d. There will be neither surplus nor shortages in the economy