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October 18, 2018 

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HOMOGENEOUS OF DEGREE N: A property of an equation the exists if independent variables are increased by a constant value, then the dependent variable is increased by the value raised to the power of n. The value of n can be greater than, less than, or equal to one. This property often surfaces in the analysis of production functions. If n = 1, then a doubling independent variables results in a doubling of the dependent variable and the production function has constant returns to scale. If n > 1, then a doubling independent variables results in more than a doubling of the dependent variable and the production function has increasing returns to scale. If n < 1, then a doubling independent variables results in less than a doubling of the dependent variable and the production function has decreasing returns to scale.

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Lesson 20: Federal Reserve System | Unit 4: Monetary Policy Page: 17 of 20

Topic: Moral Suasion <=PAGE BACK | PAGE NEXT=>

In addition to open market operations, discount rate, and reserve requirements, the Fed has an additional tool called moral suasion.

Moral suasion:

  • It is a policy in which the Fed, usually the Chairman of the Board of Governors, requests that the banking system take some sort of action.
  • These requests are usually contrary to what banks are currently doing and likely to do under current economic conditions.
  • Moral suasion can and does work in the short run, especially during crisis periods.

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ABILITY-TO-PAY PRINCIPLE

A taxation principle stating that taxes should be based on the ability to pay taxes. The ability-to-pay principle works from the proposition that those who have the greatest income should pay the most taxes. The ability-to-pay principle is the only reasonable way to finance the provision of public goods such as national defense, public health, and environmental quality. This is one of two taxation principles. The other is the benefit principle, which states taxes should be based on the benefits received.

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WHITE GULLIBON
[What's This?]

Today, you are likely to spend a great deal of time wandering around the downtown area seeking to buy either any book written by Stephan King or a T-shirt commemorating next Thursday. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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This isn't me! What am I?

Natural gas has no odor. The smell is added artificially so that leaks can be detected.
"Executives who get there and stay suggest solutions when they present the problems. "

-- Malcolm Forbes, business executive

IROR
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