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GATT: The abbreviation for the General Agreement on Tariffs and Trade. A treaty, signed in 1947 by 23 countries including the United States, that was designed to reduce trade barriers. It now carries the signatures of about 100 countries and over the years has been pretty darn effective in reducing tariffs, eliminating some import quotas, and promoting commerce.
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Lesson 16: Perfect Competition | Unit 5: Evaluation
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Page: 25 of 28
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- Economists are very fond of perfect competition. The reason is efficiency
- Here's how perfect competition achieves efficiency.
- First, perfectly competitive firms maximize profit by producing the quantity of output that equates marginal revenue and marginal cost.
- Second, perfectly competitive firms produce at the minimum point of the short-run and long-run average cost.
- Third, perfectly competitive firms earn only a normal profit, equating price and average cost.
- Perfect competition is the ONLY market structure that achieves efficiency.
- This is why economists use perfect competition as THE benchmark for efficiency.
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IMPLICIT LOGROLLING The trading of votes to ensure a favorable outcome for two or more separate decisions undertaken by combined both decisions into a single vote. Commonly practiced in legislative bodies, implicit logrolling occurs when two separate programs or policies are combined into a single package, which is then subject to a single vote. The contrast is with explicit logrolling in which each of two voters agree to cast separate votes for two separate programs. Whether implicit or explicit, logrolling is generally used when neither decision is able to obtain the necessary majority of the votes needed for passage on their own accord.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors seeking to buy either a coffee cup commemorating the first day of spring or a printer that works with your stockpile of ink cartridges. Be on the lookout for rusty deck screws.
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
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"The road to success is always under construction. " -- Lily Tomlin, Actress
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LAD
Least Absolute Deviations
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