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TOBIN'S Q: A financial measure of a firm's returns, calculated by dividing the market value of the firm (that is, the market value of its outstanding stock and debt) by the replacement costs of the firm's assets. According to James Tobin of Yale University, Nobel Laureate in Economics in 1981, if this ratio is greater than 1 it means that the firm is earning a rate of return higher than that justified by the costs of its assets. That is, Tobin suggested that the ratio of the market value of a firm to the replacement costs of its assets should be close to 1.

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Lesson 8: Market Shocks | Unit 4: Double Shifts Page: 15 of 20

Topic: Less Demand and Less Supply <=PAGE BACK | PAGE NEXT=>

Here we have demand decreasing (tastes change) and supply decreasing (number of sellers declines).
  • A decrease in demand causes a decrease in both price and quantity.
  • A decrease supply causes price to increase and quantity to decrease.
  • The combined effect is an obvious decrease in quantity but a questionable change in price.
  • At the new equilibrium the price is indeterminant.
  • If both demand and supply curve shift in the same direction, then quantity also changes in that direction, but price is indeterminant.

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BANK BALANCE SHEET

A record of the assets, liabilities, and net worth of a bank at a given point in time. Assets are what a bank owns. Liabilities are what a bank owes. Net worth is the difference between the two and what is claimed by or owed to the owners of the bank. By definition, a balance sheet must balance. The assets on one side are equal to the liabilities and net worth on the other.

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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway hoping to buy either a package of blank rewritable CDs or yellow cotton balls. Be on the lookout for small children selling products door-to-door.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
"It is very rare that you meet with obstacles in this world (that) the humblest man has not the faculties to surmount. "

-- Henry David Thoreau, philosopher

BPEA
Brookings Papers on Economic Activity
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