Examlex
Which school of thought believes that real GDP always equals potential GDP?
Progressive
A tax system where the tax rate increases as the taxable amount increases, making it more burdensome for higher earners.
Excess Burden
The excess burden of a tax is the cost to society in economic welfare that exceeds the revenue raised by the government, often due to distorted market behaviors.
Perfectly Inelastic
A market condition where demand or supply does not change in response to price changes, represented by a vertical line on a graph.
Tax
A financial charge or other levy imposed upon a taxpayer by a governmental organization in order to fund various public expenditures.
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