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INDUCED IMPORTS: Imports from the foreign sector that depend on domestic income or production (especially national income and gross domestic product). That is, changes in income induce changes in imports. Induced imports are measured by the marginal propensity to import (MPM) and are reflected by a positive slope of imports line. Induced imports are the reason for induced net exports, generating a negatively sloped net exports line. Autonomous net exports are due to a combination of autonomous exports and autonomous imports.

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Lesson 12: Business Cycles | Unit 2: A Simple Cycle Page: 9 of 26

Topic: Expansion <=PAGE BACK | PAGE NEXT=>

An expansion is a period of increasing aggregate economic activity, indicated by the growth of real GDP from B to C.
  • Expansions typically last about 2-4 years, but can continue up to a decade.
  • The economy generally grows faster than, often surpassing, the long-run trend.
  • A recovery is the early part of an expansion.
  • As the economy approaches point C, above the long-run trend, inflation is most likely to become a problem, as we try to buy more output than our resources can produce.
  • At or above the full-employment, long-run trend line, unemployment is less of a problem.

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REGRESSIVE TAX

A tax in which the proportion of income paid in taxes is smaller for higher income levels. A regressive income tax exists if taxpayers with more income pay a lower tax rate relative to income as income increases. A regressive tax is one of three alternations. The other two are progressive tax, in which the proportion of income paid in taxes is greater for higher income levels, and proportional tax, in which the proportion of income paid in taxes is the same for all income levels.

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ORANGE REBELOON
[What's This?]

Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors trying to buy either a weathervane with a cow on top or a box of multi-colored, plastic paper clips. Be on the lookout for attractive cable television service repair people.
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This isn't me! What am I?

The average length of a "business lunch" is about 36 minutes.
"Do what you feel in your heart to be right for you'll be criticized anyway. You'll be damned if you do and damned if you don't. "

-- Eleanor Roosevelt, first lady

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