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RECESSIONARY GAP: The difference between the equilibrium real production achieved in the short-run aggregate market and full-employment real production the occurs when short-run equilibrium real production is less than full-employment real production. A recessionary gap, also termed a contractionary gap, is associated with a business-cycle contraction. This is one of two alternative output gaps that can occur when short-run production differs from full employment. The other is an inflationary gap.
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FEDERAL OPEN MARKET COMMITTEE A committee of the Federal Reserve Board that is charged with conducting open market operations and is more generally responsible for guiding monetary policy. It is comprised of the 7 members of the Board of Governors and the Presidents of 5 Federal Reserve District Banks. The Federal Open Market Committee (FOMC) meets about eight times a years, on average every six weeks, usually on a Tuesday, to set the course of monetary policy. The Chairman of the Federal Reserve Board is also the Chairman of the FOMC. The President of the New York Federal Reserve Bank is always on this committee and is invariably selected as the Vice Chairman of the FOMC.
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GREEN LOGIGUIN [What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either handcrafted decorations to hang on your walls or throw pillows for your bed. Be on the lookout for strangers with large satchels of used undergarments. Your Complete Scope
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More money is spent on gardening than on any other hobby.
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"Do something wonderful; people may imitate it. " -- Albert Schweitzer, theologian, physician
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CRS Constant Returns to Scale
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