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What does the term "external validity" refer to?
Local Governments
Administrative bodies governing smaller geographical areas within a country, responsible for local policies and regulations, typically including cities or counties.
Sales Taxes
Taxes imposed by governments on the sale of goods and services.
Regressive
A type of tax system in which the tax rate decreases as the taxable amount increases, often placing a higher burden on lower-income earners.
Inelastic Supply
A situation where the supply of a good does not significantly change when its price changes, often due to limitations in production capabilities or time constraints.
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