Examlex
A trial notebook is likely to include which of the following?
Vertical Equity
A principle in taxation stating that taxpayers with a higher ability to pay should contribute more in taxes than those with a lesser ability to pay.
Flow Measure
A quantitative assessment that represents movement of items over time, often used in economics to track variables like income.
Consumption
The consumption of products and services by individuals in a household.
Impossibility Theorem
A proposition demonstrated by Kenneth Arrow showing that no system of aggregating individual preferences into social decisions will always yield consistent, nonarbitrary results.
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