Refer to the above figure. Medicare subsidies have increased the price of medical services to Ps. The perceived price on the part of consumers is

The term tax incidence refers to

A. widespread view that taxes (and death) are the only certainties in life. B. whether the demand curve or the supply curve shifts when the tax is imposed. C. the distribution of the tax burden between buyers and sellers. D.whether buyers or sellers of a good are required to send tax payments to the government.

In 1995 ________, which was established in 1948, was replaced by ________

A) NAFTA; the Smoot-Hawley Tariff B) the WTO; NAFTA C) the GATT; the WTO D) the Smoot-Hawley Tariff; the GATT