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IMF: The abbreviation for International Monetary Fund, which is an agency of the United Nations established in 1945 to monitor and stabilize foreign exchange markets. Close to 150 of the world's nations (which is just about all of them) belong to the IMF. The IMF was set up to keep countries from manipulating their exchange rates in such a way as to gain a competitive trading advantage over others. Their strategies of control have changed over the decades, but they currently use a managed float where exchange rates are allowed to fluctuate with changing market conditions, but only within certain ranges. The IMF also plays an active role in providing the "international" currency needed to participate in foreign trade through its system of Special Drawing Rights.

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Lesson 14: Production | Unit 1: Short-Run Production Page: 5 of 25

Topic: Unit Review <=PAGE BACK | PAGE NEXT=>

In this unit, you should have learned about:
  • Production as the transformation of inputs into outputs an the central role it plays in market supply.
  • The difference between fixed inputs, which can not be changed during the period of analysis, and variable inputs, which can be changed.
  • Why the standard view is capital as the fixed input and labor as the variable input.
  • How fixed and variable inputs are related to the short run and long run.
  • Why firms are considered to operate in the short run and long run simultaneously.
  • Two alternative production time periods -- market period, in which all inputs and the output is fixed, and very long run, in which all inputs including social institutions and technology beyond the control of the firm are variable.


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BALANCED-BUDGET MULTIPLIER

A measure of the change in aggregate production caused by equal changes in government purchases and taxes. The balanced-budget multiplier is equal to one, meaning that the multiplier effect of a change in taxes offsets all but the initial production triggered by the change in government purchases. This multiplier is the combination of the expenditures multiplier, which measures the change in aggregate production caused by changes in an autonomous aggregate expenditure, and the tax multiplier which measures the change in aggregate production caused by changes in taxes.

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Today, you are likely to spend a great deal of time at a flea market looking to buy either 500 feet of telephone cable or a package of 4 by 6 index cards, the ones with lines. Be on the lookout for crowded shopping malls.
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
"If I'm selecting a group, the first thing I look for is a record of achievement . . . If (candidates achieve) in small things, there's a very good chance they'll perform well in big things. "

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