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share draft accounts, 303 economy in, 498“99; command subsidies, 117, 257

INDEX A103
subsistence United States
subsistence, 546 233; state sales, m240; and supply trade unions, fig197
substitution effect, 96, 98; and curve, 117; and supply-side policies, trade-weighted value of dollar, 484
demand, 107 452; in Sweden, 491; types of, 229; traditional economies, 33“37, p34;
Supplemental Security Income (SSI), value-added, 246“48, fig247 advantages, 34; disadvantages,
397 tax-exempt, 323 34“35; examples, 34; simulating
supply, 113“20; changes in, 146“47, Tax Freedom Day, 223, 246, fig223 trade in, 519
fig147; defined, 113; elasticity of, tax reform: inevitability of future, training manual, developing, 160“61
118“20; law of, 113 250; in 1981, 244; in 1986, 245“46; transfer payments, 257
supply curve: individual, 114, fig114; in 1993, 246; in 1997, 246, crt245 transfer velocity, 287
market, 114, fig114 tax return, 232; e-filing of, 236 transparency, 512
supply elasticity, 118“20, fig119; technological monopoly, 170 Treasury bills, 324
determinants of, 119“20 technological unemployment, 386, Treasury bonds, 324, 325
supply schedule, 114 crt386 Treasury coin notes, 296
supply-side policies, 451“53, 459, technology: as obstacle to economic Treasury notes, 324
fig450, fig451; and aggregate supply, development, 524; and supply trend line, 376
453, fig452; limitations of, 453 curve, 117 triangular trade, 289
surcharge, 245 technology skills: database, 495, trough, 376
surplus, 143“44, fig145 p495; e-mail, 258; Internet, 393, trust funds, 275
Sweden: capitalism in, 513“14, p513; p393; multimedia presentations, truth in advertising, 182, crt182
taxes in, 491; welfare state in, 514 299; spreadsheet, 349 Truth in Lending Act, 413
Sytek, Donna, 267 telecommunications, 84 two-tier wage system, 211, 212“13
Temporary Aid to Needy Families
(TANF), 397, 458
Tennessee, as right-to-work law state,
m201; per capita personal income,
T-account, 416 fig399; growth of real per capita Ukraine, 548
Taft-Hartley Act (1947), 197, 201 personal income, fig399 Ulyanov, Vladimir Ilyich, 496“97
Taiwan, capitalism in, 513 Tennessee Valley Authority (TVA), uncertainty, 438
takeoff, 529 78, 255, 256, 548, p255 underground economy, 343, crt343
target prices, 153 Texas, as right-to-work law state, unemployment, 382; cyclical, 386;
tariffs, 472“73; protective, 472“73; m201; per capita personal income, frictional, 384“85; during Great
revenue, 473 fig399; growth of real per capita Depression, 196; and impact of lay-
taxable income, 226 personal income, fig399 offs, 388, p388; kinds of, 384“87;
tax assessor, 241 Three Mile Island, 548 measuring, 382“84, fig383; and
tax base, 366 thrift industry, reforming, 304“5 monetary policies, 454; seasonal,
tax credits, 398; investment, 245 thrift institutions, 303 386; structural, 385“86; technologi-
taxes: alternative minimum, 245; in Thrift Institutions Advisory Council, cal, 386, crt386
controlling pollution, 554“55; 410 unemployment insurance, 449
corporate, 235; costs of, 231; crite- tight money policy, 419 unemployment rate, 382“83; defined,
ria for effective, 226“27; death, time deposits, 417 383; drop in, 382; limitations of,
238, 246; double, 65; economic Tocqueville, Alexis de, 11 383“84
impact of, 223“26; effect of, on total cost, 128 Uniform Resource Locator (URL),
behavior, 224“25; estate, 235; total expenditures: determining, 393
excise, 235, p235; FICA, 233“34; 103“4; test for, 103“5, fig103 unions; See labor unions
flat, 248“50; gift, 235; incidence of, total product, 123“24, fig124 union shops, 201
225“26, fig225; individual, 231“33, total revenue, 130 United Hatters Union, 196
240, fig233, fig234; individual Toys “R” Us, 178 United Mine Workers of America,
income, 226; loopholes in, 226, trade associations, 78, p79 198
249; luxury, 224; negative, 400; trade deficit: defined, 484; effect of, United Parcel Service (UPS), 210,
payroll, 233; pollution, p181; 484“85 216; hiring of welfare recipients by,
principles of, 227“29; progressive, Trade Expansion Act (1962), 478 394, p394
229, 450; property, 241“42; propor- trade-offs, 19“20, crt21, fig20 United States: business cycles in,
tional, 229; regressive, 229; sales, trade surplus, 484 375“78; economic growth in,
226; sin, 224“25; Social Security, trade union, 195 363“68, fig364, fig365, fig367;

A104 INDEX
U.S. Chamber of Commerce zero population growth
factors influencing, 366“68, fig367; 44, 152, 216, 218, fig217; regional 481“84, fig482, fig483, p485;
historical record, 364“65, fig365; differences in, 209; renegotiating financing, 481“84; gains from, 470,
importance of, 365“66; measuring, union, 212“13; supply and demand fig469; restricting, 472“75; simulat-
363“64, fig364; and productivity, in, 455; theory of negotiated, 208, ing, in various economies, 518“19;
368, fig367; entrepreneurs in, 9, fig208; traditional theory of, 207“8, surplus in, 484; and United States,
fig9; market economy in, 36; popu- fig207; two-tier system, 211, 212“13; 468“69, fig468
lation in, 356“57, fig360; and world for women, 213“15, fig213, fig214 World Trade Organization (WTO),
trade, 468“69, fig468 Walker, Madame C. J., 46, p46 477“78
U.S. Chamber of Commerce, 41 wampum, 288 World War II: business cycles since,
U.S. Postal Service (USPS), 78, 169 Wang, Charles, 172, p172 378; labor since, 197
U.S. Steel Corporation, 71 want, 6 Worldwatch Institute, 557
United States notes, 295 war as obstacle to economic develop- World Wide Web; See Internet
unit elastic demand, 103, fig103 ment, 525“26 Wriston, Walter, 286
unlimited liability, 58 Washington, as right-to-work law writing process, 441
unrelated individual, 346 state, m201; per capita personal Wyoming, as right-to-work law state,
unskilled labor, 205 income, fig399; growth of real per m201; per capita personal income,
urban planners as career, 398 capita personal income, fig399 fig399; growth of real per capita
urban population, 357 Washington, D.C., 366; per capita personal income, fig399
urban sprawl, 550 personal income, fig399; growth of
user fees, 236 real per capita personal income,
Utah, as right-to-work law state, m201; fig399
per capita personal income, fig399; Washington, George, 278
growth of real per capita personal wasted resources, 439 Yellen, Janet, 237, p237
income, fig399 wealth, 14, fig327, p14; and income Yeltsin, Boris, 499
utility, 13; marginal, 93 inequality, 395
The Wealth of Nations (Smith), 14, 18
welfare state in Sweden, 514
welfare-to-work, 394
Wendy™s, 168 zero population growth (ZPG), 524
value, 13; paradox of, 13 West Virginia, as right-to-work law
value-added tax, 246“48, fig247 state, m201; per capita personal
ValuJet, 70 income, fig399; growth of real per
variable cost, 128, 129 capita personal income, fig399
variable proportions, law of, 122“23, Whitman, Margaret, 61, p61
fig124 Williams, Walter E., 381, p381
Vermont, as right-to-work law state, wind power, 549
m201; per capita personal income, Winfrey, Oprah, 94, p94
fig399; growth of real per capita Wisconsin, as right-to-work law state,
personal income, fig399 m201; per capita personal income,
vertical merger, 71 fig399; growth of real per capita
Virginia, as right-to-work law state, personal income, fig399
m201; per capita personal income, women: and gender pricing, 153; and
fig399; growth of real per capita job discrimination, 395“96; in labor
personal income, fig399 force, 212“215, fig213; 346, 384“85,
virtual workplace, 384 p384; life expectancy of, 358; pay
voluntary exchange, 47 level for, 213“15, fig213, fig214
workfare programs, 398
work force; See labor force
World Bank, 526, 530
world trade: arguments for protection,
wage-price controls, 454 474“75; balance in, 473; basis for,
wages: determination of, 207“8; 469“70; and customs duties; deficit
during the Great Depression, 196; in, 484“85; deficits and surpluses
manufacturing, 218; minimum, 41, in, 484“85; and exchange rates,

INDEX A105

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