Examlex
A price index is 100 times the ratio of real GDP to nominal GDP.
Equitable
Characterized by fairness and impartiality; the fair distribution of resources and opportunities.
Efficient
Describes a process that achieves its goals with the least waste of time and effort.
Lump-Sum Tax
A tax that is the same amount for every person.
Deadweight Loss
A cost to society created by market inefficiency, which occurs when supply and demand are out of equilibrium.
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