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AD VALOREM TAX: A tax that is specified as a percentage of value. Sales, income, and property taxes are three of the more popular ad valorem taxes devised by government. The total ad valorem tax paid increases with the value of what's being taxed.

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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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OLIGOPOLY AND MONOPOLISTIC COMPETITION

Oligopoly and monopolistic competition have some similarities, but also have a few important differences. Both are examples of imperfect competition on the market structure continuum between ideals of perfect competition and monopoly. However, oligopoly contains a small number of large firms and monopolistic competition contains a large number of small firms. The dividing line between oligopoly and monopolistic competition can be blurred due to the number of firms in the industry.

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Today, you are likely to spend a great deal of time searching the newspaper want ads hoping to buy either 500 feet of telephone cable or a package of 4 by 6 index cards, the ones with lines. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?

A half gallon milk jug holds about $50 in pennies.
"When I stand before God at the end of my life, I would hope that I would not have a single bit of talent left, and could say, I used everything you gave me."

-- Erma Bombeck, writer

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Foreign Exchange
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