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DEMAND CURVE: A graphical representation of the relationship between the demand price and quantity demanded (that is, the law of demand), holding all ceteris paribus demand determinants constant.

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AUTONOMOUS GOVERNMENT PURCHASES

Government purchases by the government sector that do not depend on income or production (especially national income or gross domestic product). That is, changes in income do not generate changes in government purchases. Autonomous government purchases are best thought of as government purchases that the government sector undertake independent of income. They are measured by the intercept term of the government purchases line. The alternative to autonomous government purchases is induced government purchases, which do depend on income.

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Today, you are likely to spend a great deal of time searching the newspaper want ads wanting to buy either a how-to book on home repairs or a large, stuffed kitty cat. Be on the lookout for crowded shopping malls.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
"Success is the child of audacity. "

-- Benjamin Disraeli, British statesman

VAT
Value Added Tax
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