Taxes are the difference between
a. GDP and net exports.
b. GDP and consumer spending.
c. Consumer spending and saving.
d. GDP and disposable income.
d
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Taxes on commodities or on purchases are known as:
A. corporate income taxes. B. sales and excise taxes. C. personal income taxes. D. payroll taxes.
Suppose a consumer's MRS is given by the formula MRSPT = T/P, where P stands for the number of pieces of pizza and T stands for the number of tacos. Starting at 12 tacos and 4 pizzas, the consumer must receive:
A. 3 tacos to compensate them for the loss of one piece of pizza. B. 3 pieces of pizza to compensate them for the loss of one taco. C. 1/3 taco to compensate them for the loss of one piece of pizza. D. 1/3 piece of pizza to compensate them for the loss of one taco.