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COMPENSATING WAGES: Different wages paid in different workers or in different markets that adjust for differences in the jobs or in the productivity of the workers. Wage differentials occur for many reasons. Quite often they are the result of the personal preferences of workers. In some cases workers are willing to "buy" leisure-time or other types of household production by taking lower labor market wages. Differences in job risks, education, and location are also reasons for the persistence of wage differentials.

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Lesson 13: Aggregate Demand | Unit 5: Policies Plus Page: 21 of 22

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The federal government can exert a great deal of control over the aggregate demand curve through government policies. This control of aggregate demand is called demand-management policies.
  • Government use of purchases and taxes to affect aggregate demand is termed fiscal policy.
    • Government can influence aggregate demand directly through government purchases.
    • Government can also indirectly alter aggregate demand through taxes that affect household consumption and business investment.
  • Government also changes the interest rate through monetary policy with the goal of affecting consumption and investment.

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ASSUMPTIONS, KEYNESIAN ECONOMICS

The macroeconomic study of Keynesian economics relies on three key assumptions--rigid prices, effective demand, and savings-investment determinants. First, rigid or inflexible prices prevent some markets from achieving equilibrium in the short run. Second, effective demand means that consumption expenditures are based on actual income, not full employment or equilibrium income. Lastly, important savings and investment determinants include income, expectations, and other influences beyond the interest rate. These three assumptions imply that the economy can achieve a short-run equilibrium at less than full-employment production.

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YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors looking to buy either a handcrafted bird feeder or a New York Yankees baseball cap. Be on the lookout for slightly overweight pizza delivery guys.
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

ANOVA
Analysis of Variance
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