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PLURALITY RULE: A voting rule in which decisions are made based on a plurality of the votes cast. A plurality is defined as the most votes obtained when more than two candidates or options exist, but none receives a majority. If, for example, two of three candidates running for office receive 33 percent of the vote, then the third candidate with 34 percent receives the plurality. Presidential primary elections, which can have up to a dozen candidates, are commonly won with a plurality of the votes. This is one of several voting rules. Others include majority, super majority, and unanimity.
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AVERAGE-MARGINAL RULE: An intriguing, extremely useful mathematical relationship between an average measure and it's corresponding marginal measure, for example average product and marginal product, or average total cost and marginal cost. When the marginal measure is greater than the average measure, then the average measure increases. Alternatively, when the marginal measure is less than the average measure, then the average measure decreases. In addition, when the marginal measure is equal to the average measure the average measure doesn't change. See also | average product | marginal product | average total cost | average variable cost | marginal cost | average revenue | marginal revenue | average factor cost | marginal factor cost | average revenue product | marginal revenue product |
Recommended Citation:AVERAGE-MARGINAL RULE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: December 6, 2024].
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AUTONOMOUS GOVERNMENT PURCHASES Government purchases by the government sector that do not depend on income or production (especially national income or gross domestic product). That is, changes in income do not generate changes in government purchases. Autonomous government purchases are best thought of as government purchases that the government sector undertake independent of income. They are measured by the intercept term of the government purchases line. The alternative to autonomous government purchases is induced government purchases, which do depend on income.
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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time watching the shopping channel trying to buy either a pair of gray heavy duty boot socks or a 50-foot blue garden hose. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
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"Use, do not abuse; neither abstinence nor excess ever renders man happy." -- Voltaire, philosopher
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Income
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