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GOVERNMENT PURCHASES LINE: A graphical depiction of the relation between government purchases and national income (or gross domestic product) that plays a role in Keynesian economics and the Keynesian cross. The slope of this line is positive, greater than zero, less than one, and goes by the name marginal propensity for government purchases. The vertical intercept of this line is autonomous government purchases. The aggregate expenditures line used in the Keynesian cross is obtained by adding this government purchases line, as well as, investment expenditures and net exports, to the consumption line. The government purchases line is also combined with investment expenditures for the Keynesian saving-investment model.
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INCREASING RETURNS TO SCALE A given proportional change in all resources in the long run results in a proportional greater change in production. Increasing returns to scale exists if a firm increases ALL resources--labor, capital, and other inputs--by a given proportion (say 10 percent) and output increases by more than this proportion (that is more than 10 percent). This is one of three returns to scale. The other two are decreasing returns to scale and constant returns to scale.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius hoping to buy either a large flower pot shaped like a Greek urn or a small palm tree that will fit on your coffee table. Be on the lookout for rusty deck screws.
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This isn't me! What am I?
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
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"The greater danger for most of us is not that our aim is too high and we miss it, but that it is too low and we reach it." -- Michelangelo Buonarroti, Painter and Sculptor
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CEX
Consumer Expenditure Survey (US)
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