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FEDERAL RESERVE NOTE: Paper currency issued by each of the 12 Federal Reserve District Banks in denominations of $1, $5, $10, $20, $50, $100. Unlike paper currency of the past that was issued by the U. S. Treasury, these notes are backed by the Federal Reserve System. Specifically, each of the 12 Fed District Banks supplies notes within it's district. Each district bank puts it's own personal number and stamp (literally to the left of the portrait) on the notes it issues. For example, the number for the Boston District Bank is 1, while San Francisco Bank is 12.

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Lesson 13: Aggregate Demand | Unit 3: The Curve Page: 14 of 22

Topic: Net-Export Effect <=PAGE BACK | PAGE NEXT=>

An increase in the price level decreases exports and increases imports, which gives us a decrease in net exports.
  • If the price level increases in one country, the production of other countries becomes relatively cheaper.
For example:
  • An increase in the U.S. price level discourages foreign buyers from buying U.S. goods, and encourages U.S. buyers to buy relatively cheaper foreign goods.
The net-export effect is that a change in the price level, changes the relative prices of exports and imports, and changes net exports in the opposite way.

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ABSTRACTION

Simplifying the complexities of the real world by ignoring (hopefully) unimportant details while doing economic analysis. Abstraction is an essential feature of the scientific method. Hypothesis verification, model construction, and comparative static analysis are not possible without abstraction.

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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either a large stuffed brown and white teddy bear or a replacement washer for your kitchen faucet. Be on the lookout for defective microphones.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
"There comes a time when the mind takes a higher plane of knowledge but can never prove how it got there. "

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