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WHAT?: One of three basic questions of allocation (the other two are How? and For Whom?). Answering the 'What?' question of allocation determines the types and quantities of goods and services produced with society's limited resources. Should society produce hammocks or hot fudge sundaes? Computers or Cadillacs? Birdfeed or battleships? The production possibilities analysis sets the stage for answering the 'What?' question.
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PURPLE SMARPHIN
Your compete MICRO*scope for today
You are the type of person who excels on exams, IQ tests, and mental puzzles. Family and friends consider you the smartest person they know, and rightfully so. Today, you are likely to spend a great deal of time calling an endless list of 800 numbers wanting to buy either a how-to book on home repairs or a large, stuffed kitty cat. Be on the lookout for a thesaurus filled with typos. You should consider shopping at stores or businesses beginning with the letter V, but do not buy any products with a serial number or product code containing the number 056267. Your preferred shopping venue is the Internet. Your special symbol is the exclamation point (!).
Is this You?
As a Purple Smarphin, you are the brightest and most intelligent person you know. And that goes for shopping, too. You know exactly what you want. You know exactly what it costs. You know exactly when and where to buy. But, of course, shopping is only one of the many activities that attracts your intellectual attention. You shop when you need to and buy if have to, but shopping is not the end all of your life.
This isn't me! What am I?
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AUTOMATIC STABILIZERS Taxes and transfer payments that depend on the level of aggregate production and income such that they automatically dampen business-cycle instability without the need for discretionary policy action. Automatic stabilizers are a form of nondiscretionary fiscal policy that do not require explicit action by the government sector to address the ups and downs of the business cycle and the problems of unemployment and inflation.
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A Brief Introduction To Get You StartedThrough undaunted determination, sheer luck, or a missed turnpike exit, you have happened upon A Pedestrian's Guide to the Economy. You'll find hours of reading pleasure contained within this site, with more entertainment value per calorie than most office memos. A Pedestrian's Guide to the Economy, however, is more than a recreational web site. As a handy reference source, it provides answers to many of the most asked, a few of the least asked, and some of the never asked questions about the economy.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"God gives talent; work transforms talent into genius. " -- Anna Pavlova, ballerina
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PBOT
Phildelphia Board of Trade
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