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BENEFIT-COST ANALYSIS: An analytical technique that compares the benefit generated by an activity with its opportunity cost of production. The rule is that if benefits exceed costs, then the activity is efficient and should be undertaken. In some cases the end result of benefit-cost analysis is net benefits, which is benefits minus cost. A positive value means the activity is efficient. In other cases the end result of benefit-cost analysis is a benefit-cost ratio, which is benefits divided by costs. A ratio greater than 1.0 is thus the indication of an efficient activity.
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OPEN MARKET OPERATIONS The buying and selling of U.S. Treasury securities by the Federal Reserve System (the Fed) as a means of a controlling the money supply. An increase in the money supply is achieved when the Fed buys securities. A decrease in the money supply is achieved when the Fed sells securities. The Federal Open Market Committee is the specific component of the Federal Reserve System that is charged with open market operations. Open market operations are the most important of the three monetary policy tools that the Fed can use, in principle, to control the money supply. The other two are the discount rate and reserve requirements.
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time searching for rummage sales seeking to buy either a T-shirt commemorating the first day of winter or software that won't crash your computer. Be on the lookout for gnomes hiding in cypress trees.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
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"So many of our dreams at first seem impossible, then they seem improbable, and then when we summon the will, they soon become inevitable." -- Christopher Reeve, Actor
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ITO
International Trade Organization
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