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LONG-RUN PRODUCTION: An analysis of the production decision made by a firm in the long run. The central feature of this long-run analysis is returns to scale, which results in the long run even though all inputs are variable. Returns to scale are reflected in the long-run average cost curve as either economies to scale or diseconomies to scale.
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BALANCE OF PAYMENTS A comprehensive set of accounts that tracks the flow of currency and other monetary assets coming in to and going out of a nation. These payments are used for international trade, foreign investments, and other financial activities. The balance of payments is divided into two accounts -- current account (which includes payments for imports, exports, services, and transfers) and capital account (which includes payments for physical and financial assets). A deficit in one account is matched by a surplus in the other account. The balance of trade is only one part of the overall balance of payments set of accounts.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites looking to buy either a how-to book on surfing the Internet or a computer that can play music and burn CDs. Be on the lookout for letters from the Internal Revenue Service.
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This isn't me! What am I?
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
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"To sit back and let fate play its hand out, and never influence it, is not the way man was meant to operate." -- John Glenn, astronaut, U.S. senator
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MSCI
Morgan Stanley Capital Index
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