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The Case for Protection
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Apr 28 2008, 9:39 AM EDT |
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7 words added
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Change:sell at below domestic market price → drives out domestic competitors → monopoly power Price discrimination – high price in monopolized markets + low price for surplusSurplus needed for per-unit cost saving from large-scale productionCounterargument:This forces firms to be more efficient
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Trade Barriers
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Apr 28 2008, 9:28 AM EDT |
no such thing as "high import quotas" because that defeats the purpose of it being a trade barrier.... |
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5 words added
8 words deleted
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Change:Low importImport quotas may serve as a better protective device sincebecause they restrictrestric the amountamoutn of foreign goods coming intoin a country. Nontariff Barrier: a method of restricting imports by implementing specific safety and quality standards or lengthy and unnecessary red tape. for
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Comparative Advantage
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Apr 28 2008, 9:12 AM EDT |
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4 words added
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Change:to increase product quality and production methods; subsequently increasing economic growth. Wider range of product choices for consumers. Links in national interests may break down animosities between countries. Countries may now comsumeproduce beyond their realdomestic PPC GDPcurve
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AP Econ in the News
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Apr 28 2008, 9:07 AM EDT |
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62 words added
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Change:The RMB is rapidly appreciating against the US dollar and many people now believe that China should adopt a floating-exchange system. Experts believe that by
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AP Econ in the News - Macro Unit IV and V: Inflation, Unemployment, and Economic Growth
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Apr 10 2008, 9:41 AM EDT |
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78 words added
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Change:This aritcle discusses an evidence of weakend aggregate demand in the United States as trade deficits are occuring; according to the article, there has been
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Accounting for Growth
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Apr 10 2008, 9:28 AM EDT |
some grammar =) |
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14 words added
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Change:him or her to do what theyshe door he does best. So an engineer shouldwould not be productive working atin a fast food restaurant.fastfood joint. Contributes about 15% to productivity growthEconomies of scale: Economies of scale is a reduction in per-unit
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The Long-run Phillips Curve
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Apr 10 2008, 9:22 AM EDT |
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10 words added
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Change:increases Firms and workers will then adjust to the 6% inflation, profits are restored, employment rises, and unemployment falls back to the natural rate This is inflation rates decreasing, different from deflation.deflation (negative inflation, as in the dollar becomes more valued). This also occurs when aggregate demand declines
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Taxation and Aggregate Supply
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Apr 10 2008, 9:20 AM EDT |
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20 words added
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Change: (No tax revenue will be collected at 0% tax rate and no one will buy anything at 100% tax rate). The basic concept is that there is a certain point (m) where tax revenues will be greatest due to a high incentive to pay taxes in the public. At
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Macro Unit 3 AP Economics in the News:
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Mar 16 2008, 4:09 AM EDT |
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109 words added
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Change:As we've criticized about the Fiscal Stimulus Package employed by the Congress to pull America out of recession, we haven't exactly come to a possible
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Multiple-Deposit Expansion
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Mar 16 2008, 12:12 AM EDT |
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26 words added
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Change: step in the lending process) Monetary Multiplier (money multiplier) = 1/ required reserve ratio OR m = 1/R When the reserved ratio changes because of the monetary policy, the money multiplier also changes. If the reserved ratio decreases, the money multiplier increases and vice-versa.
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Tools of Monetary Policy
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Mar 16 2008, 12:08 AM EDT |
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31 words added
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Change: the last time being in 1992.1992; thus, it is not as flexible and less commonly used. It will also change the money multiplier. The discount rate is a more passive method.method because the Federal Reserve Banks are the "lender of last resort".
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Monetary Policy, Real GDP, and the Price Level
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Mar 16 2008, 12:04 AM EDT |
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40 words added
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Change: monetary policy: Recession/High UE=> Fed buys bonds/lowers reserve ratio/lowers discount rate => excess reserves increases=>Federal funds falls => Money Supply increases => interest rate falls => Investment increases => Aggregate Demand increases => Y rises, UE falls, PL rises.Effects of a restrictive monetary policy:
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Macro Unit II AP Econ in the News
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Feb 28 2008, 10:12 AM EST |
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131 words added
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Change:As real-estate prices are falling rapidly for houses, other costs are increasing at an expedite rate; this causes a problem for policy makers as they
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The Multiplier Effect
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Feb 26 2008, 7:56 AM EST |
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69 words added
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Change:Eg. If the government chooses to spend an extra $10 million on hotels, the factors of production regarding the buliding industry will increase by $10
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Aggregate Demand
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Feb 26 2008, 7:48 AM EST |
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11 words added
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Change:because there is a greater demand for those capital goods. Degree of excess capacity: When there's more excess capacity (unused capital), there will be less investment, meaning an inward shift of the
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Aggregate Supply
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Feb 26 2008, 7:41 AM EST |
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35 words added
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Change:output because resources and capital are at full capacity; thus, if one company attempts to attract workers through increasing wages, employees from other firms will come, not new workers.Aggregate Supply in the short-run: Short Run: A period in which nominal wages
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Macro Unit 1 AP Econ in the News
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Feb 11 2008, 9:57 AM EST |
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71 words added
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Change:As America appears to be entering a recession, this article provides 12 ways for people to counter the "falling home values, rising unemployment, declining confidence
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Inflation
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Feb 11 2008, 9:40 AM EST |
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5 words added
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Change:sustained increase in the general leveloverall ofprice priceslevel When inflation occurs, each dollar of income will buy fewer goods and services than before Inflation reduces the "purchasing power" of money Some prices may be relatively constant while others are fallingEx: During the inflation
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Unemployment
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Feb 11 2008, 9:39 AM EST |
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29 words added
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Change:job-match (including new labor force entrants looking for first jobs and workers who are temporarily between jobs because of moving to new location or occupation to be more productive). Structural - changes in technology that alter the "structure" of the
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Unemployment
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Jan 29 2008, 1:05 AM EST |
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72 words added
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Change: unemployment. eg. blacksmiths making horseshoes were no longer demanded as much after automobiles were invented because it made horses, as transportation, obsolete. cyclicalFull-employmentEconomic costs of unemployment GDP gap and Okun's Law - for every one percentage point in crease
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