"economics"exercise:Indirect taxes
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Questions 1:
Which of the following is least likely to be a valid function/characteristic of money? Money:
A 、provides a store of wealth.
B、 requires a double coincidence of wants.
C、 acts as a unit of account.
Questions 2:
An advantage of indirect taxes as a fiscal policy tool is that such taxes:
A 、have a greater impact on aggregate spending and output than direct government spending.
B、 can be adjusted almost immediately.
C、 minimize interference with consumer choices.
B is correct. The functions of money include being a means of payment, acting as a medium of exchange, and acting as a unit of account. It does not require a double coincidence of wants, as barter does, because it is easily divisible and can act as a medium of exchange.
C is incorrect. The functions of money include acting as a unit of account.
A is incorrect. The functions/characteristics of money include store of wealth.
B is correct. Indirect taxes, which are taxes on spending including excise taxes on fuel, alcohol, and tobacco as well as taxes on gambling winnings, can be adjusted almost immediately after they are announced and can influence spending behavior instantly.
A is incorrect because direct government spending has a far bigger impact on aggregate spending and output than tax cuts or transfer increases.
C is incorrect because indirect taxes support social policies that are specifically aimed at influencing and deterring consumer choices related to such consumption and activities.
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