Match the Following Terms with Their Descriptions Below

question 26

Multiple Choice

Match the following terms with their descriptions below. (Terms may be used more than once.)
-Shows the exact chemical compound of the medication

• A)chemical name
• B)trade name
• C)generic name
• D)official name
• E)OTC name

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Definitions:

Excise Tax

A tax levied on specific goods, services, or transactions, often with the aim of reducing their consumption or generating revenue for the government.

Demand Curve

Demand curve is a graphical representation of the relationship between the price of a good or service and the quantity demanded for a given period, typically showing an inverse relationship.

Supply Curve

A graphical representation depicting the relationship between the price of a good or service and the quantity of that good or service that suppliers are willing to offer for sale at that price.

Tax on Each Unit

A fixed amount of tax that is applied to each unit of a certain good or service that is sold.