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MAASTRICHT TREATY: An agreement among 12 European nations in 1992 that established the European Union. The 12 nations signing the Maastricht Treaty are Belgium, Denmark, Greece, Germany, Spain, France, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Great Britain. This treaty was designed to form a more economically and politically integrated European economy, including the reduction or elimination of tariffs and nontariff barriers, the creation of monetary unit (the euro), the establishment of a common military and defense policy, and centralized monetary policy. This amended early agreements setting up a European common market. The Maastricht Treaty is merely one of several international trade agreements created over the years to reduce trade restrictions. Others include the General Agreement on Tariffs and Trade and the North American Free Trade Agreement.
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AGGREGATE DEMAND The total real expenditures on final goods and services produced in the domestic economy that buyers are willing and able to undertake at different price levels, during a given time period (usually a year). Aggregate demand, usually abbreviated AD, is an inverse relation between price level and aggregate expenditures. This is one half of the AS-AD (aggregate market) analysis. The other half is aggregate supply. Aggregate demand consists of four aggregate expenditures--consumption expenditures, investment expenditures, government purchases, and net exports--made by the four macroeconomic sectors--household, business, government, and foreign.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet looking to buy either storage boxes for your summer clothes or 500 feet of coaxial cable. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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This isn't me! What am I?
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
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"The more you praise and celebrate your life, the more there is in life to celebrate." -- Oprah Winfrey
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SPE
Subgame Perfect Equilibrium
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