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Suppose tastes for consumption now and consumption in the future have constant elasticity of substitution.It may then be the case that a tax on interest income is efficient even if savings (defined as current income not consumed) fall in response to the tax.
Quality of Inputs
The standard or grade of raw materials and labor used in the production process, influencing the efficiency and outputs.
Standard of Living
A measure of the wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area.
Productivity
The measure of the efficiency of production, often defined as the ratio of output produced to inputs used.
Net Exports
The value of a country's total exports minus its total imports, reflecting the balance of trade.
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