The idea that two taxpayers in the same economic circumstances should pay the same level of taxes is known as the
A) vertical-equity principle. B) benefits-received principle.
C) horizontal-equity principle. D) ability-to-pay principle.
C
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Money performs all of the following functions EXCEPT serving as a i. medium of exchange. ii. unit of account. iii. barter mechanism
A) i only B) ii only C) iii only D) i and ii E) ii and iii
Extreme global poverty is defined as ________
A) income of less than one dollar a day B) foreign debt in excess of 100% of GDP C) one percent of U.S. income D) one-fourth of U.S. income
In the monetary intertemporal model, the long-run effects of an increase in the level of money include
A) an increase in employment. B) lower output. C) higher real wages. D) higher nominal wages.
A "risky" asset will earn a rate of return close to that of "riskless" assets if its risk is
A) nondiversifiable. B) diversifiable. C) nominal, as opposed to real. D) related to the rate of inflation. E) no greater than the risk of similar assets.