If inflation increases, this could be illustrated as a:
A. rightward shift of the long-run aggregate supply curve.
B. movement down along the short-run aggregate supply curve.
C. leftward shift of the long-run aggregate supply curve.
D. rightward shift of the short-run aggregate supply curve.
Answer: C
Economics
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Answer the following statement true (T) or false (F)
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The taxation principle that says people with equal incomes should pay equal taxes is called
A. Vertical equity. B. A progressive tax system. C. Horizontal equity. D. A regressive tax system.
Economics