November 25, 2015 

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WTO: The abbreviation for World Trade Organization, which is an international organization that oversees multilateral trade among nations. The WTO was established in 1995 by the Uruguay round of trade negotiations to replace the General Agreement on Tariffs and Trade (GATT) that had been in place for the preceding five decades. The WTO administers multilateral trade agreements, provides a forum for trade negotiations, handles trade disputes, monitors national trade policies, and provides technical assistance and training for developing countries. The WTO has about 150 member countries.

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PLURALITY RULE: A voting rule in which decisions are made based on a plurality of the votes cast. A plurality is defined as the most votes obtained when more than two candidates or options exist, but none receives a majority. If, for example, two of three candidates running for office receive 33 percent of the vote, then the third candidate with 34 percent receives the plurality. Presidential primary elections, which can have up to a dozen candidates, are commonly won with a plurality of the votes. This is one of several voting rules. Others include majority, super majority, and unanimity.

     See also | public choice | majority rule | super majority rule | unanimity rule | voter paradox | principle of the median voter | logrolling | explicit logrolling | implicit logrolling | Tiebout hypothesis | principal-agent problem |

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PLURALITY RULE, AmosWEB GLOSS*arama,, AmosWEB LLC, 2000-2015. [Accessed: November 25, 2015].

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The combination of currency held by the nonbank public, vault cash held by banks, and Federal Reserve deposits of the banks. Also termed high-powered money, these are the three monetary components over which the Federal Reserve System has relatively complete control. Due to this control, the monetary base is often used as a guide for monetary policy. The monetary base differs from a relative monetary aggregate, M1, through the inclusion of vault cash and Federal Reserve deposits and the exclusion of checkable deposits.

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State of the ECONOMY

Real Average Hourly Earnings
July 2015
Up $.20 from July 2014

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Today, you are likely to spend a great deal of time flipping through the yellow pages looking to buy either an AC adapter for your CD player or storage boxes for your family photos. Be on the lookout for small children selling products door-to-door.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
"Failure is a part of success. There is no such thing as a bed of roses all your life. But failure will never stand in the way of success if you learn from it. "

-- Hank Aaron, baseball player

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