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HARD PEG: Establishing a fixed exchange rate between one national currency (usually that of a small country) and another national currency (usually that of an industrial power). One country, in other words, "pegs" the value of its currency to the value of another currency. This is commonly done by countries with a history of monetary instability is used as a means of restoring and maintaining order. This U.S. dollar is frequently used for a hard peg by other smaller nations. The result of a hard peg is to eliminate control by the pegging nation and relying on the actions of the targeting nation.

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Lesson 9: Macro Basics | Unit 4: Policies Page: 11 of 16

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

Government tries to bring the economy closer to the macro goals of full employment, stability and growth, and to lessen the scarcity problem.
  • Economic policies are government actions designed to affect the economy to pursue the economic goals.
  • Stabilization policies (or counter-cyclical policies) are designed to limit economic instability and business cycles and avoid high rates of unemployment and inflation.
Key macroeconomic stabilization policies:
  • Fiscal policy is the use of government spending and taxes to stabilize the economy.
  • Monetary policy is the use of the amount of money in circulation to stabilize the economy.

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MARGINAL COST CURVE

A curve that graphically represents the relation between the marginal cost incurred by a firm in the short-run product of a good or service and the quantity of output produced. This curve is constructed to capture the relation between marginal cost and the level of output, holding other variables like technology and resource prices constant. Three related curves are average total cost curve, average variable cost curve, and average fixed cost curve.

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Today, you are likely to spend a great deal of time browsing about a thrift store seeking to buy either a replacement remote control for your stereo system or a computer that can play video games and burn DVDs. Be on the lookout for fairy dust that tastes like salt.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
"The past cannot be changed. The future is yet in your power. "

-- Hugh White, U.S. Senator

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