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OKUN'S LAW: A relationship that says that the gap between actual and full employment output level of gross domestic product widens by 3.0% for each percentage point increase in the unemployment rate. When Arthur Okun discovered this empirical relationship he was on President Kennedy's Council of Economic Advisers (CEA). Okun cautioned that the relationship was valid only within unemployment rates of 3% and 7.5%.
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TOTAL-MARGINAL RELATION A mathematical connection between a marginal value and the corresponding total value stating that the marginal IS the slope of the total curve. This mathematical relation between total and marginal surfaces throughout the study of economics, especially utility (total utility and marginal utility), production (total product and marginal product), cost (total cost and marginal cost), and revenue (total revenue and marginal revenue). A related mathematical relation exists between a marginal value and the corresponding average value.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction hoping to buy either a hepa filter for your furnace or a wall poster commemorating next Thursday. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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This isn't me! What am I?
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"Always remember that striving and struggle precede success, even in the dictionary. " -- Sarah Ban Breathnach, writer
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NIPA
National Income and Product Accounts
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