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AD VALOREM TARIFF: A tax on imports that is specified as a percentage of the value of the good or service being taxed. This is one form of trade barrier that's intended to restrict imports into a country. Unlike nontariff barriers and quotas, which increase prices and thus revenue received by domestic producers, an 'ad valorem tariff' generates revenue for the government. For example: a 15 percent ad valorem tariff on a TV set worth $100 would pay a tariff of $15. One advantage of an ad valorem tariff is that it keeps up with changes in prices (mostly inflation).
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AVERAGE FACTOR COST AND MARGINAL FACTOR COST A mathematical connection between average factor cost and marginal factor cost stating that the change in the average factor cost depends on a comparison between average factor cost and marginal factor cost. For perfect competition, with no market control, marginal factor cost is equal to average factor cost, and average factor cost does not change. For monopsony and other firms with market control, marginal factor cost is greater than average factor cost, and average factor cost rises.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center trying to buy either a black duffle bag with velcro closures or any book written by Isaac Asimov. Be on the lookout for telephone calls from former employers.
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More money is spent on gardening than on any other hobby.
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"As is our confidence, so is our capacity. " -- William Hazlitt, essayist
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CBA
Cost Benefit Analysis
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