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LERNER INDEX: The difference between price (p) and marginal cost (mc) as a fraction of price, that is [p-mc]/p. The Lerner index is usually taken as an indicator of market power because the larger the index, the larger the difference between price and marginal cost, that is, the larger the distance between the price and the competitive price. The Lerner index depends on the elasticity of demand. The Lerner index is also called the price-cost margin.
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FEDERAL RESERVE NOTES Paper currency issued and authorized by the Federal Reserve System and used along with Treasury coins and checkable deposits as the M1 money supply for the U.S. economy. Federal Reserve notes were first issued in 1913 and currently circulate in denominations of $1, $2, $5, $10, $20, $50, and $100. These notes underwent a major redesign to prevent counterfeiting in the 1990s.
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WHITE GULLIBON
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Today, you are likely to spend a great deal of time searching for a specialty store trying to buy either a toaster oven that has convection cooking or a birthday gift for your mother. Be on the lookout for celebrities who speak directly to you through your television.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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"Lead the life that will make you kindly and friendly to everyone about you, and you will be surprised what a happy life you will lead." -- Charles M. Schwab
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VAR
Vector Autoregression
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