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DIRECT: The mathematical notion that two variables change in the same direction, that is, an increase in X goes with an increase in Y, or a decrease in X goes with a decrease in Y. The alternative to a direct relation is an inverse relation, in which an increase in one variable goes with a decrease in the other. Direct relations are graphically illustrated by positively-sloped curves, a common example being the supply curve.
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RATIONAL IGNORANCE The decision NOT to become informed about a topic (such as what a political candidate wants to do) because the cost of acquiring the information is more than the expected benefit. The rational decision to remain ignorant about a subject is a straightforward application of utility maximization and along with the related notion of rational abstention, is a source of voter apathy and government inefficiency.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"You don't have to be a fantastic hero to do certain things - to compete. You can be just an ordinary chap, sufficiently motivated to reach challenging goals." -- Sir Edmund Hillary, Explorer
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TI
Taxable Income
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