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LABOR-MANAGEMENT RELATIONS ACT: A Congressional act passed in 1947 that limited the power acquired by U.S. labor unions during the 1930 and into the 1940s. More commonly known as the Taft-Hartley Act, this outlawed unfair labor practices by labor unions to counterbalance earlier legislation that had outlawed unfair labor practices by firms. The Taft-Hartley Act also set up provisions to decertify unions, if members chose to do so, and allowed states to pass right-to-work laws, which would outlaw union shops.
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                           IMPORTS LINE: A graphical depiction of the relation between imports bought from the foreign sector and the domestic economy's aggregate level of income or production. This relation is most important for deriving the net exports line, which plays a minor, but growing role in the study of Keynesian economics. An imports line is characterized by vertical intercept, which indicates autonomous imports, and slope, which is the marginal propensity to import and indicates induced imports. The aggregate expenditures line used in Keynesian economics is derived by adding or stacking the net exports line, derived as the difference between the exports line and imports line, onto the consumption line, after adding investment expenditures and government purchases. The imports line shows the relation between imports purchased from the foreign sector and aggregate income or production. The income and production measures most commonly used are national income and gross domestic product. The purpose of the imports line is to graphically illustrate the imports-income relation for the foreign sector, which is then used to derive the net exports line by vertically subtracting it from the exports line, after which it is then integrated into the aggregate expenditures line used in Keynesian economics.Net exports are the difference between exports and imports, or exports minus imports. Exports are purchases of domestic production by the foreign sector and imports are purchases of foreign production by the domestic economy. While exports are totally autonomous, imports are induced by the level of domestic income and production. Reflecting this, the imports line is positively-sloped, with the slope equal to the marginal propensity to import (MPM). The vertical intercept, or Y-intercept, of the imports line is then autonomous imports. | Imports Line |  |
The positively-sloped red line, labeled M in the exhibit to the right, indicates a typical imports line. Line any straight line, this imports line is characterized by two key parameters, intercept and slope. The intercept indicates autonomous imports and the slope indicates induced imports.Identifying numbers for these two parameters for this particular line indicates that the intercept is $0, meaning autonomous imports is $0, and the slope is 0.075, meaning a $1 increase in domestic income or production induces a $0.075 increase in imports. In this particular case, the imports line has a zero intercept, indicating no autonomous imports, but that need not be the case. Most notable is that the slope of the imports line is the marginal propensity to import (MPM).
Recommended Citation:IMPORTS LINE, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: June 25, 2022].
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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers wanting to buy either a large green chalkboard shaped like the state of Maine or a replacement battery for your pocket calculator. Be on the lookout for attractive cable television service repair people.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
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"It is not fair to ask of others what you are unwilling to do yourself. " -- Eleanor Roosevelt, diplomat, activist
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MPS
Marginal Propensity to Save
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