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HOMOGENEOUS OF DEGREE ZERO: A property of an equation the exists if independent variables are increased by a constant value, then the dependent variable is increased by the value raised to the power of 0. In other words, for any changes in the independent variables, the dependent variable does not change. This is a special type of homogeneous equation.
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SUBSTITUTION EFFECT The change in quantity demanded that results because a change in the demand price of a good causes a change in the relative prices, which induces buyers to substitute the purchase of one good for another. This is one of two reasons, or effects, underlying the law of demand and the negative slope of the market demand curve. The other is the income effect.
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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"It is not fair to ask of others what you are unwilling to do yourself. " -- Eleanor Roosevelt, diplomat, activist
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OMB
Office of Management and Budget
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