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BALANCE OF PAYMENTS: The difference between the funds received by a country and those paid by a country for all international transactions. The international transactions include the exchange of merchandise (exports and imports), which is commonly summarized as the balance of trade, plus the exchange of services, summarized as the balance of services, as well as any gifts or transfer payments that do not involve the exchange of goods and services. The balance of payments, in effect, indicates the difference between currency coming into a country and that flowing out of the country. 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).
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FALLACY OF FALSE AUTHORITY The logical fallacy of arguing that something is "correct" or "true" because an "expert" in an unrelated area says so. This is commonly used by both advertisers, politicians, and anyone who relies an "apparent expert" for the "correct" answers to controversial issues.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius hoping to buy either any book written by Isaac Asimov or a how-to book on building remote controlled airplanes. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"Nobody can be successful unless he loves his work. " -- David Sarnoff, TV pioneer
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DIDC
Depository Institutions Deregulation Committee
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