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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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SIXTH RULE OF IGNORANCE The sixth of seven basic rules of the economy, stating that obtaining information is a costly activity that requires resources with alternative uses. As such, no one knows everything and everyone is ignorant about something.
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GRAY SKITTERY
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Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a hepa filter for your furnace or a wall poster commemorating next Thursday. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"The vacuum created by failure to communicate will quickly be filled with rumor, misrepresentations, drivel and poison. " -- C. Northcote Parkinson, historian
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MLE
Maximum Likelihood Estimator
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