The 'Goods and Services Tax' rate on tea and coffee is: MCQ with Answer and Explanation

Explanation:
Duesenberry’s relative-income hypothesis posits that consumption depends on the individual’s rank in the income distribution and on the highest income previously attained (ratchet effect).

Explanation:
A sudden stop is a large and abrupt reversal of capital inflows, often associated with currency crises, output collapses and balance-sheet problems in emerging markets.

Explanation:
MRS of X for Y is the ratio of marginal utility of X to marginal utility of Y.