Vertical equity is the belief that people ______.
a. should be taxed equally regardless of income
b. should be taxed based on how much they have already paid during their lifetime
c. with different levels of income should be taxed differently
d. should be taxed only if they derive benefits from a specific government service
c. with different levels of income should be taxed differently
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Which of the following ideas reflect the Monetarist macroeconomic model?
i) The Monetarist model supports the Classical model, in general. ii) Decreases in the growth rate of the quantity of money trigger recessions. iii) Government intervention is an appropriate tool to steady the economy. A) i and ii B) ii and iii C) i only D) i, ii and iii E) i and iii
Imperfectly competitive firms are characterized by
a. horizontal demand curves. b. standardized products. c. a large number of small firms. d. price making ability.