The Concept of Vertical Equity Is That

question 120

Multiple Choice

The concept of vertical equity is that

• A)income should be taxed instead of property.
• B)property should be taxed instead of income.
• C)there should be little movement up or down the social scale.
• D)persons who are unequal should be treated unequally.

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Definitions:

Limitations Period

A set period of time within which a legal claim must be filed or be permanently barred.

Breach

A violation or infringement of a law, obligation, standard, or agreement.

Commercially Impracticable

A doctrine where parties are relieved from their contractual duties when events have occurred making performance excessively difficult or costly.

Unforeseen Shortage

A sudden and unexpected lack of necessary supplies or resources.