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OFFICE OF MANAGEMENT AND BUDGET: An office within the Executive branch (specifically within the Office of the White House), that assists the President in various fiscal matters. Established in 1970, the Office of Management and Budget (OMB) is responsible for developing the President's annual budget request to Congress, managing the Executive Branch, and evaluating Federal government regulations. The OMB staff are appointed by the President, but unlike other appointments, they do not need Senate confirmation. The duty of preparing the fiscal budget, and what this means for fiscal policy, has made the director of the OMB one of the more influential economic positions in country, ranking just a notch below the Chairman of the Federal Reserve System's Board of Governors and the Chairman of the Council of Economic Advisors. The Congressional counterpart of the OMB is the Congressional Budget Office (CBO).

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Lesson 21: Factor Demand | Unit 4: Determinants Page: 19 of 24

Topic: Factor Productivity <=PAGE BACK | PAGE NEXT=>

  • The factor demand curve presented in this diagram was derived based on a particular factor productivity.

    • Increase In Factor Productivity: Suppose that the firm replaces all of its old machines with newer, state of the art equipment.

    • The result is a rightward shift of the factor demand curve.

    • Decrease In Factor Productivity: While technology doesn't generally decline, the wear and tear on existing capital equipment can have the same effect as a technological decline.

    • The result is a leftward shift of the factor demand curve.


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AD VALOREM TAX

A tax specified as a percentage of the price or value of a good, service, asset, or other activity. Ad valorem taxes tend to be broad based, imposed on activities such as income and retail sales. In fact, the two most important ad valorem taxes are income taxes and sales taxes. People pay a percentage of their incomes in income taxes or a percentage or the value of their purchases in sales taxes, regardless of the amount of time spent working or the quantities of goods purchases. An alternative is a per unit tax, with is a tax specified as a percentage of the physical quantity of a good.

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GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time strolling through a department store looking to buy either a weathervane with a chicken on top or a flower arrangement with daisies and carnations for your uncle. Be on the lookout for letters from the Internal Revenue Service.
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
"I much prefer the sharpest criticism of a single intelligent man to the thoughtless approval of the masses."

-- Johannes Kepler, German Astronomer

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