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November 14, 2024 

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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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CURRENT ACCOUNT DEFICIT: An imbalance in a nation's balance of payments current account in which payments received by the country for selling domestic exports are less than payments made by the country for purchasing imports. In other words, imports (of goods and services) by the domestic economy are greater than exports (of goods and services). This is generally a not desireable situation for a domestic economy. However, in the wacky world of international economics, a current account deficit is often balanced by a capital account surplus, which is generally considered a desireable situation. If, however, the capital account does not balance out the current account, then a current account deficit contributes to a balance of payments deficit.

     See also | current account | balance of payments | balance of payments deficit | current account surplus | capital account | capital account surplus | domestic | foreign | international economics | international finance | foreign exchange |


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ELASTICITY ALTERNATIVES

Five categories of elasticity that form a continuum indicating the relative responsiveness of a change in one variable (usually quantity demanded or quantity supplied) to a change in another variable (usually price). These five alternatives--perfectly elastic, relatively elastic, unit elastic, relatively inelastic, and perfectly inelastic--are most often used to categorize the price elasticity of demand and the price elasticity of supply.

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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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