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ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES: An international organization of more than a dozen nations located primarily in the Middle East, Africa, and Central America that controls a sizeable portion of the world's petroleum reserves. Commonly abbreviation OPEC, this organizations control over oil reserves gives it significant market control, which it has been inclined to exert from time to time. The most noted time was the 1970s. OPEC raised oil prices from a scant $2 to $3 a barrel in the early 1970s to over $30 a barrel by the end of the decade. As an group of independent oil-producing nations seeking to monopolize the market, OPEC represents a textbook example of an cartel.
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INDUCED GOVERNMENT PURCHASES Government purchases that depend on income or production (especially national income and gross domestic product). That is, changes in income induce changes in government purchases. Induced government purchases reflect the observation that the government sector (especially state and local governments) is inclined to use tax revenue, which increases with income, for purchases. They are measured by the marginal propensity for government purchases (MPG) and are reflected by the positive slope of government purchases line. The alternative to induced government purchases is autonomous government purchases, which do not depend on income.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales looking to buy either high-gloss photo paper that works with your printer or a desktop calendar with all federal and state holidays highlighted. Be on the lookout for strangers with large satchels of used undergarments.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"Perhaps the most valuable result of all education is the ability to make yourself do the thing you have to do, when it ought to be done, whether you like it or not; it is the first lesson that ought to be learned; and however early a man's training begins, it is probably the last lesson that he learns thoroughly. " -- Thomas H. Huxley, Scientist
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HDI
Human Development Index
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