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ECONOMIC RECOVERY TAX ACT: Unofficially called the Kemp-Roth, this was a cornerstone of economic policy under President Reagan passed in 1981. The three components of this act were: (1) a decrease in individual income taxes, phased in over three years, (2) a decrease in business taxes, primarily through changes in capital depreciation, and (3) the indexing of taxes to inflation, which was implemented in 1985. This act was intended to address the stagflation problems of high unemployment and high inflation that existed during that 1970s and to provide greater incentives for investment. A primary theoretical justification is found in the Laffer curve relation between tax rates and total tax collections.
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Lesson 9: Consumer Demand | Unit 4: The Curves
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Page: 19 of 22
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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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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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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel hoping to buy either a flower arrangement in a coffee cup for your father or a how-to book on meeting people. Be on the lookout for the last item on a shelf.
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This isn't me! What am I?
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A half gallon milk jug holds about $50 in pennies.
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"The road to success is always under construction. " -- Lily Tomlin, Actress
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NASDAQ
National Assocation of Securities Dealers Automated Quote System
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