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Arrow Impossibly Theorem
A mathematical theorem that holds that no system of voting can be devised that will consistently represent the underlying preferences of voters.
Average Tax Rate
Total tax paid divided by total income.
Excess Burden
A measure of the efficiency loss to the economy that results from a tax having reduced the quantity of a good produced; also known as the deadweight loss.
Human Capital
The accumulated knowledge and skills that workers acquire from formal training and education or from life experiences.
Lorenz Curve
A curve that shows the distribution of income by are ting incomes from lowest to highest on the horizontal axis and indicating the cumulative fraction of income earned by each fraction of households on the vertical axis.
Marginal Tax Rate
The fraction of each additional dollar of income that must be paid in taxes.
Median Voter Theorem
The proposition that the outcome of a majority vote is likely to represent the preferences of the voter who is in the political middle.
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