Match the following: List IList II (a) Canon of Taxation (i) Alfred Marshall (b) Protectionism (ii)…
Adam Smith formulated the famous canons of taxation; mercantilism favoured protectionism; Musgrave’s fiscal analysis distinguishes differential tax incidence; Marshall…
Choose your answer
Match the following:
| List I | List II |
|---|---|
| (a) Canon of Taxation | (i) Alfred Marshall |
| (b) Protectionism | (ii) Musgrave |
| (c) Differential incidence | (iii) A. Cantillon |
| (d) Elasticity of demand | (iv) Mercantilism |
| (v) Adam Smith |
Code order: (a), (b), (c), (d).
Answer and explanation
Correct answer D
Adam Smith formulated the famous canons of taxation; mercantilism favoured protectionism; Musgrave’s fiscal analysis distinguishes differential tax incidence; Marshall developed the elasticity-of-demand concept. Cantillon is unused. Thus (v), (iv), (ii), (i).
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UGC NET Economics