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QUASI-PUBLIC GOOD: A good that is easy to keep nonpayers from consuming, but use of the good by one person does not prevent use by others. Also termed a near-public good,the trick with a quasi-public good is that it is easy to keep people away, and thus you can charge them a price for consuming, but there is no real good reason to do so. From an efficiency view, the more people who consume a quasi-public good, the better off society. This mixture of nearly unlimited benefits and the ability to charge a price means that some quasi-public goods are sold through markets and others are provided by government. For efficiency's sake, none should be sold through markets.
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Lesson 15: Aggregate Market | Unit 5: Policy Preview
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Page: 21 of 22
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Topic:
Time of Adjustment
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There is no specific, absolute time period that separates short run from long run. Time factors: - First: The size of the gap between short-run real production and long-run real production. Bigger gaps take longer to close.
- Second: Because prices are less rigid going up than down, inflationary gaps tend to close more quickly than recessionary gaps.
- Third: Adjustment speed depends on the underlying structure of the economy, including things like size, government laws, resource endowments, and culture.
These change over time and differ among countries. But adjustment is usually months not days.
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AMERICAN ECONOMIC ASSOCIATION A formal organization of professional economists that promotes economic research, organizes annual meetings and conferences, and maintains a list of publications in several economics subjects. The American Economic Association (AEA) was originally organized by a small group interested in economics at a meeting in 1888 in Saratoga, New York. However, as interest in the subject grew, it officially incorporated in 1923. Although the AEA contained only a small number of members in the beginning, today the membership is approximately 18,000. In addition, about 4,600 libraries, institutions, and firms subscribe to the quarterly publications of the AEA.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time at an auction hoping to buy either a key chain with a built-in flashlight and panic button or a green and yellow striped sweater vest. Be on the lookout for poorly written technical manuals.
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This isn't me! What am I?
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
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"Defeat is simply a signal to press onward. " -- Helen Keller, author, lecturer
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CBOT
Chicago Board of Trade
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