Horizontal equity means that two people in identical economic situations should pay the same amount of taxes
Indicate whether the statement is true or false
TRUE
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Economic growth due to labor force expansion or capital investments will result in
I. A leftward shift of short-run aggregate supply. II. A rightward shift in long-run aggregate supply. A) I only B) II only C) Both I and II D) Neither I nor II
Import restrictions create an incentive to smuggle
Indicate whether the statement is true or false
When a country's imports are larger than its exports, the country is running a trade deficit
Indicate whether the statement is true or false
With the creation of the Federal Deposit Insurance Corporation, member banks of the Federal Reserve System ________ to purchase FDIC insurance for their depositors, while non-member commercial banks ________ to buy deposit insurance
A) could choose; were required B) could choose; were given the option C) were required, could choose D) were required; were required