Consumer purchases which are consumed at the time and place of purchase are categorized by the Bureau of Economic Analysis as

The principle of diminishing marginal utility can be used to explain why

A) Bob's second soda is less enjoyable than his first soda. B) Bob's first soda is less enjoyable than his second soda. C) Charlie enjoys his fourth soda less than Bob enjoys his first. D) Bob enjoys his first soda more than Charlie enjoys his fourth.

A complete understanding of tax policy requires knowledge of the principles of equity and efficiency in taxation, as well as awareness of _____

a. business b. sociology c. ethics d. politics