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GIFT TAX: A tax on the transfer of assets from one person to another. The gift tax is different from estate and inheritance taxes in that it applies to people who are still alive. In fact, the gift tax was created because people sought to avoid estate and inheritance taxes by giving their stuff away before dying. But all gifts are not taxed. There are both annual and lifetime exemptions on gifts subject to this tax. These exemptions are changed from time to time, so you might want to investigate further if you happened to hit the big jackpot on a television game show. Some, but not necessarily all of that prize is likely to be taxed.

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Lesson 16: Aggregate Shocks | Unit 4: Complex Shifts Page: 15 of 21

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

The case of an decrease in the AD curve. Let's start at long-run equilibrium. All three curves, AD, LRAS, and SRAS, intersect at the same long-run equilibrium values, Po and Qf.
  • With a leftward shift of the AD curve, the aggregate market achieves short-run equilibrium at a lower price level and less real production.
  • The labor market imbalance causes wages and production cost to fall. The SRAS shifts rightward. It stops shifting when it intersects the new AD and the original LRAS curves for a new long-run equilibrium. The price level is even lower and real production returns to full employment.

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UNEMPLOYMENT

The general condition in which resources are willing and able to produce goods and services but are not engaged in productive activities. While unemployment is most commonly thought of in terms of labor, any of the other factors of production (capital, land, and entrepreneurship) can be unemployed. The analysis of unemployment, especially labor unemployment, goes hand-in-hand with the study of macroeconomics that emerged from the Great Depression of the 1930s. The most common measure of unemployment is the unemployment rate of labor. Unemployment is one of two primary macroeconomic problems. The other is inflation.

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BLACK DISMALAPOD
[What's This?]

Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either a 50 foot extension cord or a combination CD player, clock radio, and telephone (with answering machine). Be on the lookout for the last item on a shelf.
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
"The secret of getting ahead is getting started. The secret of getting started is breaking your complex, overwhelming tasks into small manageable tasks, and then starting on the first one. "

-- Mark Twain, writer

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