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ESTATE TAX: A tax on the value of a deceased person's estate, or all of the property and assets owned. This should be compared to an inheritance tax, which is a tax on that portion of the estate that an heir actually receives.

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Lesson 20: Federal Reserve System | Unit 5: Issues Page: 19 of 20

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

Politics are never far from economics, especially when doing economic policies.
  • Some people prefer lower unemployment and higher inflation, while others would rather have higher unemployment and lower inflation.
  • If the Chairman of the Fed is inclined for lower unemployment and higher inflation, then the Fed is more likely to do expansionary monetary policy.
  • If the Chairman of the Fed is inclined for higher unemployment and lower inflation, then the Fed is more likely to do contractionary monetary policy.

Federal Reserve founders took special steps to avoid an overtly political affiliation, to avoid making the Fed part of the current administration.


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L

A broad monetary measure that combines M3 plus several liquid assets, including commercial paper, U.S. Treasury bills, savings bonds, and bankers' acceptances. L used to be tracked and reported by the Federal Reserve System along with M1, M2, and M3. However, L is no longer reported.

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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time at a flea market wanting to buy either a birthday gift for your mother or a weathervane with a horse on top. Be on the lookout for rusty deck screws.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
"Lead the life that will make you kindly and friendly to everyone about you, and you will be surprised what a happy life you will lead."

-- Charles M. Schwab

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Unfair Trade Practice
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