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In a short essay,explain with examples the concept of personal bias and the actions and viewpoints that result from personal biases in diverse workplaces; and their consequences for organizations.
Rational Expectations Theory
An economic idea that posits individuals make predictions about future events based on their past experiences and available information, effectively using all available information to form expectations about economic variables.
Laffer Curve
A theoretical representation of the relationship between government revenue raised by taxation and all possible rates of taxation, suggesting an optimal tax rate for maximizing revenue.
Tax Revenue
The income that is collected by the government through the imposition of taxes on goods, services, and income.
Marginal Tax Rates
The rate at which the last dollar of income is taxed, indicating how much tax will be paid on an additional dollar of income.
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