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June 30, 2016 

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A: The common notation for the "intercept" term of an equation specified as Y = a + bX. Mathematically, the a-intercept term indicates the value of the Y variable when the value of the X variable is equal to zero. Theoretically, the a-intercept is frequently used to indicate exogenous or independent influences on the Y variable, that is, influences that are independent of the X variable. For example, if Y represents consumption and X represents national income, a measures autonomous consumption expenditures.

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TIEBOUT HYPOTHESIS: The notion that people relocate from one political jurisdiction to another in search of a more preferred package of government taxes and spending. This hypothesis suggests that people "shop" for compatible government activity in the same way they might shop for a car, a house, or a flavor of ice cream. The Tiebout hypothesis indicates that people have two methods of "voting" on government activity -- one is at the ballot box the other is with their feet by seeking a more preferred location.

     See also | public choice | logrolling | explicit logrolling | majority rule | super majority rule | unanimity rule | plurality rule | principal-agent problem | principle of the median voter | term limits | line item veto | sunset law |


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TIEBOUT HYPOTHESIS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2016. [Accessed: June 30, 2016].


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GAINS FROM TRADE

The combination of consumer surplus and producer surplus obtained by buyers and sellers when engaging in a market exchange. Gains from trade arise because buyers are typically willing and able to pay a higher price to purchase a good than what they end up paying and because sellers are typically willing and able to accept a lower price to sell a good than what they end up receiving. Both sides of the market exchange are thus better off, have a net gain in welfare, by making the trade. While all types of market exchanges generate gains from trade, this topic is perhaps most important for an understanding of international trade.

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December 26, 2015
7,294,683,790
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Today, you are likely to spend a great deal of time at a flea market hoping to buy either an ink cartridge for your printer or a rechargeable battery for your camera. Be on the lookout for the happiest person in the room.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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