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The long-run Phillips curve applies when the economy is at full employment, so the long-run Phillips curve is -------------------- which demonstrates that changes in the inflation rate-------------------- effect on unemployment.
Proportional Tax
A tax system where the tax rate remains constant regardless of the amount subject to taxation.
Regressive Tax
A tax system wherein the tax rate decreases as the taxable amount increases, placing a higher burden on lower-income earners.
Sales Tax
A tax on the value of goods sold.
Wealth Tax
A tax on the wealth of an individual.
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