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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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INTERCEPT, NET EXPORTS LINE The intercept of the net exports line indicates autonomous net exports, net exports that do not depend on the level of domestic income or production. This can be thought of as net exports, exports minus imports, that the foreign sector undertakes regardless of the state of the economy. Autonomous net exports are affected by the net exports determinants, which cause a change in the intercept and a shift of the net exports line.
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BLACK DISMALAPOD [What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale wanting to buy either a large, stuffed giraffe or a birthday greeting card for your aunt. Be on the lookout for malfunctioning pocket calculators. Your Complete Scope
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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"We may affirm absolutely that nothing great in the world has been accomplished without passion." -- Hegel
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QLR Quasi-Likelihood Ratio
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