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BANK OF THE UNITED STATES: This was actually two central banks that preceded the Federal Reserve System as the nation's monetary authority. The First Bank of the United States, under the design of Alexander Hamilton, commenced operations in 1791, almost immediately after the U.S. Constitution was written and George Washington became the first U.S. President. Its charter was not renewed and it ceased to operate in 1811. Financial instability resulting from the absence of a central bank over the next few years prompted the formation of the Second Bank of the United States in 1816. The Second Bank's performance, however, was somewhat more suspect. When it knocked heads with President Andrew Jackson, a strong critic of central banking, the Second Bank ceased to be in 1836.
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AVERAGE REVENUE, MONOPOLY The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. For a monopoly average revenue is greater than marginal revenue. Average revenue for a monopoly is often depicted by a negatively-sloped average revenue curve.
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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time touring the new suburban shopping complex wanting to buy either a 200-foot blue garden hose or a video camera with stop action features. Be on the lookout for a thesaurus filled with typos.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"Act well at the moment, and you have performed a good action for all eternity." -- Johann Kaspar Lavater
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L
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