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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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CURRENCY Pieces of paper and metal coins that circulate around the economy as the medium of exchange. Currency is usually (not always, but usually) authorized and used by the national government. U.S. currency is denominated in dollars and issued the Federal Reserve System (paper currency) and the U.S. Department of the Treasury (metal coins). Currency is approximately one-half of the official M1 monetary aggregate tracked by the Federal Reserve System. The other half is checkable deposits maintained by banks.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time at an auction wanting to buy either a set of luggage without wheels or a how-to book on wine tasting. Be on the lookout for slow moving vehicles with darkened windows.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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"For a writer, published works are like fallen flowers, but the expected new work is like a calyx waiting to blossom." -- Cao Yu, Playwright
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Seminonparametric
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