The concept of vertical equity is that
a. income should be taxed instead of property.
b. property should be taxed instead of income.
c. there should be little movement up or down the social scale.
d. persons who are unequal should be treated unequally.
d
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Which of the following is NOT an obstacle to increased international economic integration?
A) Monopoly powers given to domestic companies of individual nations B) High tariff rates imposed by industrialized nations C) Health and safety standard requirements D) Labor and environmental standard requirements E) Income disparities among and within trading partners
One reason that the Phillips curve "broke down" is that it
a. is unable to explain short-run movements in inflation and unemployment, but does a better job of explaining long-run movements. b. assumes a quick-acting self-correcting mechanism, and the economy has a very slow self-correcting mechanism. c. is a statistical relationship, and some of the points are not sustainable in the long run. d. cannot explain demand-side inflation, and it collapsed when demand-side inflation was predominant in the 1970s.