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NORTH AMERICAN FREE TRADE AGREEMENT: A economic, international trade treaty between the three nations that occupy the North American continent -- Canada, Mexico, and the United States -- that was launch in 1994. The North American Free Trade Agreement, commonly termed NAFTA, is designed to eliminate assorted trade barriers between Canada, Mexico, and the United States, including the reduction or elimination of many tariffs and nontariff barriers. While economic theory clearly indicates efficiency is enhanced by the reduction and elimination trade restrictions, NAFTA has been strongly opposed by those potentially harmed by more efficient trade, especially labor unions. However, NAFTA is merely one of several international trade agreements created over the years to reduce trade restrictions. Others include the General Agreement on Tariffs and Trade and the Maastricht Treaty.
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TAX EFFECTS The primary reason that governments collect taxes from members of society is to finance government operations and provide public goods. However, taxes also create disincentives to engage in the taxed activity, which causes a change in the allocation of resources. This two consequences of taxes are summarized in two essential tax effects -- the revenue effect and the allocation effect. While all taxes have both, the key to effective government is minimize the allocation effect if the goal is to generate revenue and to minimize the revenue effect if the goal is to change the allocation of resources.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction trying to buy either a coffee cup commemorating the 2000 Olympics or a birthday gift for your grandmother. Be on the lookout for deranged pelicans.
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This isn't me! What am I?
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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"Trust yourself. You know more than you think you do. " -- Benjamin Spock, doctor
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IRR
Internal Rate of Return
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