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October 17, 2018 

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SHERMAN ACT: The first antitrust law passed in the United States in 1890 that outlawed monopoly or any attempts to monopolize a market. This was one of three major antitrust laws passed in the late 1800s and early 1900s. The other two were the Clayton Act and the Federal Trade Commission Act. The Sherman Act was successfully used to break up several noted monopolies in the early 1900s, including the Standard Oil Trust in 1911. However, it was flawed by (1) vague wording that allowed wide interpretation (especially based on political influence) and (2) the lack of an effective means of enforcement other than an extended journey through the court system. These two flaws led to the Federal Trade Commission Act and Clayton Act, both passed in 1914. Although other laws have been passed, the Sherman Act remains the cornerstone of antitrust laws in the United States.

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Lesson 17: Money | Unit 3: Monetary Aggregates Page: 15 of 25

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

L is the economy's total financial assets that can be converted to M1.
  • L stands for liquid assets.
  • Total L is over six trillion dollars.

We get to L by adding liquid assets to M3:

  • Commercial paper
  • U.S. Treasury Bills
  • Saving Bonds
  • Banker's acceptances
  • These big-time assets can be converted to M1 in short order, with little loss of value.
  • However, these assets aren't as easily converted to M1 as the near monies added to M2 and M3.

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PRICE CEILING

A legally established maximum price that is imposed on a market BELOW the price that otherwise would be achieved in equilibrium. A price ceiling is placed on a market with the goal of keeping the price low, presumably based on the notion that the equilibrium price is too high. If imposed on a competitive market free of market failures, a price ceiling creates a shortage, or excess demand.

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Today, you are likely to spend a great deal of time browsing about a thrift store trying to buy either a rechargeable flashlight or storage boxes for your computer software CDs. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
"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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Federal Savings and Loan Association
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