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ASIAN DEVELOPMENT BANK: A multilateral development finance institution dedicated to reducing poverty in Asia and the Pacific that engages in mostly public sector lending for development purposes in its developing member countries. They pursue this goal by helping to improve the quality of people's lives providing loans and technical assistance for a broad range of development activities. ADB raises fund through bond issues on the world's capital markets but they also rely on members' contributions. The ADB was established in 1966 and has its headquarters in Manila, Philippines. As of September of 2003, the ADB had 58 member countries.

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Lesson 16: Aggregate Shocks | Unit 3: Basic Shifts Page: 11 of 21

Topic: AD Decrease: Short Run <=PAGE BACK | PAGE NEXT=>

The short-run equilibrium is given by the intersection of the negatively sloped AD curve and the positively-sloped SRAS.
  • A decrease in AD and results in a new short-run equilibrium.
  • At the new equilibrium, both real production and the price level decrease.
  • Real production can decrease below full employment -- in the short run.
  • This shift gives us an intermediate point from one long-run equilibrium to another.

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AD VALOREM TAX

A tax specified as a percentage of the price or value of a good, service, asset, or other activity. Ad valorem taxes tend to be broad based, imposed on activities such as income and retail sales. In fact, the two most important ad valorem taxes are income taxes and sales taxes. People pay a percentage of their incomes in income taxes or a percentage or the value of their purchases in sales taxes, regardless of the amount of time spent working or the quantities of goods purchases. An alternative is a per unit tax, with is a tax specified as a percentage of the physical quantity of a good.

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APLS

ORANGE REBELOON
[What's This?]

Today, you are likely to spend a great deal of time at a crowded estate auction seeking to buy either a birthday greeting card for your father or a T-shirt commemorating the first day of spring. Be on the lookout for broken fingernail clippers.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
"In order to create there must be a dynamic force, and what force is more potent than love."

-- Igor Stravinsky, violinist

GATT
General Agreementon Tariffs and Trade
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