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AD VALOREM TARIFF: A tax on imports that is specified as a percentage of the value of the good or service being taxed. This is one form of trade barrier that's intended to restrict imports into a country. Unlike nontariff barriers and quotas, which increase prices and thus revenue received by domestic producers, an 'ad valorem tariff' generates revenue for the government. For example: a 15 percent ad valorem tariff on a TV set worth $100 would pay a tariff of $15. One advantage of an ad valorem tariff is that it keeps up with changes in prices (mostly inflation).

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Lesson 9: Consumer Demand | Unit 4: The Curves Page: 19 of 22

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

In this unit, you should have learned about:
  • The total utility curve as a plot of the relation between total utility and the quantity consumed.
  • The marginal utility curve as a plot of the relation between marginal utility and the quantity consumed.
  • A comparison of the total utility and marginal utility curves.
  • That marginal utility is the slope of the total utility curve.

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AUTONOMOUS SAVING

Household saving that does not depend on income or production (especially disposable income, national income, or even gross domestic product). That is, changes in income do not generate changes in saving. Autonomous saving is best thought of as a baseline level of saving (usually negative) that the household sector undertakes in the unlikely event that income falls to zero. It is measured by the intercept term of the saving function or the saving line. The alternative to autonomous saving is induced saving, which does depend on income.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time touring the new suburban shopping complex wanting to buy either 500 feet of coaxial cable or a coffee cup commemorating the 1960 Presidential election. Be on the lookout for telephone calls from former employers.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
"For a writer, published works are like fallen flowers, but the expected new work is like a calyx waiting to blossom."

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