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AD VALOREM TARIFF: A tax on imports that is specified as a percentage of the value of the good or service being taxed. This is one form of trade barrier that's intended to restrict imports into a country. Unlike nontariff barriers and quotas, which increase prices and thus revenue received by domestic producers, an 'ad valorem tariff' generates revenue for the government. For example: a 15 percent ad valorem tariff on a TV set worth $100 would pay a tariff of $15. One advantage of an ad valorem tariff is that it keeps up with changes in prices (mostly inflation).
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LOSS MINIMIZATION RULE A rule stating that a firm minimizes economic loss by producing output in the short run that equates marginal revenue and marginal cost if price is less than average total cost but greater than average variable cost. This is one of three short-run production alternatives facing a firm. The other two are profit maximization (if price exceeds average total cost) and shutdown (if price is less than average variable cost).
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PINK FADFLY
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Today, you are likely to spend a great deal of time at a dollar discount store wanting to buy either a dozen high trajectory optic orange golf balls or a large red and white striped beach towel. Be on the lookout for attractive cable television service repair people.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"Trust yourself. You know more than you think you do. " -- Benjamin Spock, doctor
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