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U.S. TREASURY BOND: One kind of government security issued by the U. S. Treasury to obtain the funds used to finance the federal budget deficit. A Treasury bond (or T-bond) has a maturity length of over 10 years, with 15 and 30 years common maturities. T-bonds, together with other long-term bonds issued by state and local governments and businesses, are traded in capital markets. The interest rate on T-bonds is a key long-run interest rate.

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LONG-RUN AGGREGATE SUPPLY

The total (or aggregate) real production of final goods and services available in the domestic economy at a range of price levels, during a period of time in which all prices, especially wages, are flexible, and have achieved their equilibrium levels. Long-run aggregate supply, commonly abbreviated LRAS, is one of two aggregate supply alternatives, distinguished by the degree of price flexibility. The other is short-run aggregate supply. Long-run aggregate supply is combined with aggregate demand, and often short-run aggregate supply, in the long-run aggregate market (or AS-AD) analysis used to analyze economic growth, business-cycle instability, unemployment, inflation, government stabilization policies, and related macroeconomic topics.

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Today, you are likely to spend a great deal of time watching the shopping channel wanting to buy either a New York Yankees baseball cap or several magazines on home repairs. Be on the lookout for cardboard boxes.
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