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economics
vocab part 2
224
Other
10th Grade
01/16/2008
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Term
value
 Definition
worth of a good or service as determined by the market.
Term
paradox of value
 Definition
apparent contradiction between the high value of nonessentials and low value of essentials.
Term
utility
 Definition
ability or capacity of a good or service to be useful and give satisfaction to someone.
Term
wealth
 Definition
sum of tangible economic goods that are scarce, useful, and transferable from one person to another; excludes services.
Term
market
 Definition
meeting place or mechanism allowing buyers and sellers of an economic product to come together; may be local, regional, national, or global.
Term
factor market
 Definition
market where productive resources are bought and sold.
Term
product market
 Definition
market where goods and services are offered for sale.
Term
economic growth
 Definition
sustained period during which a nation’s total output of goods and services increases.
Term
productivity
 Definition
degree to which productive resources are used efficiently; normally refers to labor, but can apply to all factors of production.
Term
division of labor
 Definition
division of work into a number of separate tasks to be performed by different workers; same as specialization.
Term
specialization
 Definition
assignment of tasks so that each worker performs fewer functions more frequently; same as division of labor.
Term
human capital
 Definition
sum of peoples’ skills, abilities, health, and motivation
Term
economic interdependence
 Definition
economic activities in one part of the country or world affect what happens elsewhere.
Term
trade-off
 Definition
alternatives that must be given up when one is chosen rather than another.
Term
opportunity cost
 Definition
cost of the next best alternative use of money, time, or resources when one choice is made rather than another.
Term
production possibilities frontier
 Definition
diagram representing maximum combinations of goods and/or services an economy can produce when all productive resources are fully employed.
Term
cost-benefit analysis
 Definition
way of thinking that compares the cost of an action to its benefits.
Term
free enterprise economy
 Definition
market economy in which privately owned businesses have the freedom to operate for a profit with limited government intervention; same as private enterprise economy.
Term
standard of living
 Definition
quality of life based on ownership of necessities and luxuries that make life easier.
Term
More and more Louisiana Department of Transportation Development contracts for road work are being written to include:
 Definition
nighttime work
Term
Liberty Gas Storage wants to expand its Cameron Parish natural gas storage in four additional underground salt caverns to hold this many cubic feet of natural gas:
 Definition
20 billion to 24 billion
Term
The Democratic National Convention begins on August 28 here:
 Definition
Denver
Term
The last time the Democrats faced division within the Party at their convention was:
 Definition
1980
Term
This metropolitian area gained the most non farm jobs from July 2007 to July 2008:
 Definition
New Orleans
Term
The new 18,000 square-foot annex to Hangar G in the Chennault International airport will be used as:
 Definition
a training center
Term
Auto fatalities fell by this percentage in March 2008:
 Definition
22.1 percent
Term
This prominent Democrat opened the Democratic National Convention:
 Definition
Sen. Edward M. Kennedy
Term
CalcaShout is a (an):
 Definition
emergency alert system
Term
The Allen Parish Police Jury has voted to hire an architect that will increase the number of "money" beds at its new jail. "Money beds" are:
 Definition
prison space paid for by federal and state sources
Term
The cost of reparing state bulidings damaged by Hurricane Gustav is likely to exceed:
 Definition
$100 million
Term
The stocks of Lennar have risen because of the buyout of many large financial institutions. Lennar is in this sector:
 Definition
homebuilding
Term
The back of the U.S. penny has been redesigned for the first time in 50 years because of:
 Definition
200th anniversary of Abraham Lincoln's birth
Term
Scientists are studying the chenier plains of Louisiana and Texas. Chenier plains are:
 Definition
sand and shell ridges separted by mudflats
Term
Hurricanes Gustav and Ike did nearly $950 million in damages to this (these) Louisiana crop(s):
 Definition
cotton, soybeans, corn, timber, and sweet potatoes
Term
Halliburton profits for the third quarter have fallen because:
 Definition
2 hurricanes in the Gulf of Mexico
Term
Officials here plan to raise utility and cementary fees to recover increasing costs:
 Definition
DeRidder
Term
Police jurors here were issued an ultimatum to pick a jail site or lose funding by the USDA:
 Definition
Allen
Term
Because of the current financial crisis, many aging parents are moving:
 Definition
in with their childern
Term
A new courthouse for the 3rd Circuit Court of Appeals will probably constructed here:
 Definition
downtown or lakefront Lake Charles
Term
In a visit with the Chamber of Commerce here, President George W. Bush expressed optimism about the economy:
 Definition
Alexandria
Term
During Governor Bobby Jindal's visit here, he spoke about recent ethics reforms and about road improvements and education in Louisiana:
 Definition
Rosepine
Term
Ratchet arrived in the U.S. yesterday on his way to Minneapolis. Ratchet is:
 Definition
a black puppy from Iraq adopted by an American soldier
Term
Twenty companies have applied for more than $1.3 billion in Gulf Opportunity Zone bonds to build various projects in Calcasieu and Jeff Davis parishes, including:
 Definition
$1 billion co-generation plant, $150 million biodiesel facility, and $100 million oil refinery
Term
The last day for early voting for the upcoming election is:
 Definition
today
Term
The Legislative Auditor has recommended that this board should not to accept free meals from the companies it regulates:
 Definition
Public Service Commission
Term
According to the Constitution, which of the following is not a responsibility of the Vice President?
 Definition
acting as the Speaker of the House
Term
How many Vice Presidents have there been in American history?
 Definition
46
Term
Before the 12th Amendment went into effect, the President and Vice President
 Definition
were often political rivals
Term
Which of the following statements is true regarding what presidental candidates look for in a running mate?
 Definition
They may choose someone with experience in an area in which the candidate is preceived as weak.
Term
14 Vice Presidents have become President
 Definition
after their terms had ended
Term
Darfur is a _______ in the African country of Sudan.
 Definition
region
Term
Which of the following statements about the violence in Darfur is false?
 Definition
More than half of Darfur's people have been displaced
Term
Sudan's President, Omar Hassan al-Bashir, could face arrest on which of the following charges?
 Definition
Genocide, War crimes,and crimes against humanity
Term
Which statement about the janjaweed is not supported in the article?
 Definition
They are responsible for most of the civilian deaths in Darfur
Term
Some diplomats worry that if the International Criminal Court officially issues an arrest warrant for al-Bashir,
 Definition
It will undermine efforts to negotiate peace in the region.
Term
Which of the following statements about the first Kennedy-Nixon debate is not substantiated in the article?
 Definition
The candidates' appearance on the Jack Paar Show served as a powerful debate forum
Term
what percentage of Americans watched the first presidental debate in 1960?
 Definition
About 40 percent
Term
Which of the following was not an issue in the 1960 election?
 Definition
The Cuban Missile Crisis
Term
President Kennedy's innovative use of the media helped to
 Definition
set the stage for how future Presidents would use television as an election tool.
Term
After the Kennedy-Nixon debates, no presidental debates were held during the general elections until those between
 Definition
Gerald Ford and Jimmy Carter
Term
When Fidel Castro came to power, what kind of government did the Cuban people thinks he would create?
 Definition
Democracy
Term
In the early days of his rule, Castro had wide support among Cubans because
 Definition
they were happy to be rid of Batista and the corruption of his government
Term
Concerns about Castro's policies led to the U.S. imposing an _______________ on Cuba that is still in place today.
 Definition
economic embargo
Term
The Eighth Amendment focuses on
 Definition
cruel and unusual punishments
Term
The death penalty is legal in ________ states.
 Definition
36
Term
The Baze v. Rees case questioned whether_________________.
 Definition
lethal injection is constitutional
Term
Which of the following has contributed to the less frequent use of the death penalty in the U.S.?
 Definition
The use of DNA testing to prove innocence or guilt
Term
Which of the following statements is false?
 Definition
The death penalty was declared unconstitutional in 1972.
Term
Which of the following is not mentioned in the article as a key issue in this presidental election?
 Definition
Education
Term
Which of the follwing global situations will not be inherited by the incoming President?
 Definition
the nuclear arms race with China
Term
Which of the following statements about the candidates' positions on Iraq is accurate?
 Definition
McCain says most troops would be out within four years.
Term
Voters who don't consistently vote for one party or the other are called:
 Definition
swing voters
Term
What do the two candidates have in common?
 Definition
They are U.S. senators
Term
Which of the following is not true for Saudi Arabian women?
 Definition
They are not allowed to have Internet contact with men.
Term
Which of the following do Saudi boys do in attempts to contact girls?
 Definition
hold up signs with their phone numbers to cars filled with women, go on facebook and other web sites, and use bluetooth to send them notes and phone numbers
Term
Through many Saudi women have college educations, they have a hard time getting jobs because
 Definition
it's difficult for businessess to maintain the required gender segreation in workplaces
Term
The strict Saudi interpretation of Islam is known as:
 Definition
Wahhabism
Term
Which of the following countries did not occupy West Germany after the Potsdam Conference?
 Definition
Soviet Union
Term
Why did the Soviets blockade Berlin in 1948?
 Definition
To force West Berliners to be dependent on Soviet and East German supplies
Term
Which was not a result of the construction of the Berlin Wall?
 Definition
East Berlin's economy grew stronger
Term
Which U.S. President encouraged the Soviet leader to tear down the Berlin Wall in 1987?
 Definition
Ronald Reagan
Term
What was the ostensible reason for Russia's invasion of Georgia in August?
 Definition
A dispute over two regions in Georgia
Term
The attack on Georgia was the first Russian offensive outside its territory since
 Definition
the collapse of the Soviet Union in 1991.
Term
What was seen by Russia as a provocation for the attack?
 Definition
Georgia's close ties with the U.S.
Term
Which of the following is not thought to be one of Russia's goals for the invasion?
 Definition
To put a stop to anti-Russian rhetoric in Georgia's media
Term
Which of the following is not true about both political ads and product ads?
 Definition
They must legally be accurate and truthful.
Term
How many years ago did the first national political ads appear on television?
 Definition
60
Term
Who was the first presidental candidate to appear in TV ads?
 Definition
Dwight D. Eisenhower
Term
The ad often described as TV's first negative political ad dealth with what topic?
 Definition
Nuclear weapons
Term
Why are Obama and McCain spending so much money on TV ads rather than on ads in new media like the Internet?
 Definition
TV reaches people who do not pay a lot of attention to the campaign.
Term
Which of the following does a poll about presidential elections not do?
 Definition
Reliably predict the outcome of an election
Term
What polling error in 1948 was partly responsible for the widespread assumption that Thomas E. Dewey would defeat Harry S. Truman?
 Definition
Pollsters stopped interviewing the public several weeks before the election.
Term
Exit polls in Florida presented an inaccurate picture of who had won the presidency in the 2000 race between
 Definition
George W. Bush and Al Gore
Term
The basic idea behind probability sampling is that
 Definition
opinions of randomly selected people accurately reflect opinions overall.
Term
Which of the following has not yet been found to affect the accuracy of polling results?
 Definition
The increase in voters who only have cell phones
Term
The Supreme Court ______________ only a few dozen times a year.
 Definition
holds oral arguments
Term
Which of the following statements about the Supreme Court is false?
 Definition
The Court carries out all its business behind closed doors.
Term
Of the approximately 8,000 appeals submitted to the Supreme Court each year, about what percentage are accepted?
 Definition
1 percent
Term
Who was the Court's first black Justice?
 Definition
Thurgood Marshall
Term
The Supreme Court case that outlawed segreation in public schools overturned what earlier Court decision?
 Definition
Plessy v. Ferguson
Term
The challenge that India is facing, as described in the article, is how to
 Definition
divert farmland to industry so its economy can keep growing
Term
Which of the following statements about India's poverty is false?
 Definition
There is no middle class
Term
Why are many of India's farmers resistant to the country's industrialization?
 Definition
They are not qualified to be part of an industrial workforce
Term
60 percent of India's workforce is involved in agriculture. What percentage is involved in industry?
 Definition
12 percent
Term
The number of electoral votes that a state has is based on
 Definition
population
Term
Which of the following was not a reason the Founding Fathers created the Electoral College?
 Definition
It allowed Congress to play a role in the presidental election
Term
Who selects the electors for each state?
 Definition
The political parties in each state
Term
How many electoral votes does a candidate need to win the presidency?
 Definition
270
Term
Who walks into the White House when one candidate wins the popular vote and another candidate wins the electoral vote?
 Definition
The winner of the electoral vote becomes President
Term
Which of the following is not a problem in South Africa?
 Definition
A weak economy compared withthe rest of Africa
Term
The end of apartheid is most associated with
 Definition
the election of Nelson Mandela
Term
Who will likey be elected South Africa's President in 2009?
 Definition
Jacob Zuma
Term
Which of the following is not cited in the article as a reason for optimism in South Africa?
 Definition
The number of people emigrating is declining
Term
According to the article, _____________ is the top issue in this year's election.
 Definition
the economy
Term
John McCain and Barack Obama agree on all but which one of the following?
 Definition
Establishing a timetable for withdrawl of U.S. troops from Iraq
Term
Both candidates believe that
 Definition
more trops should be sent to Afgahanistan
Term
Which candidate hopes to balance the federal budget by 2013, remain in Iraq until democracy is stable there, and offer health care tax credits?
 Definition
John McCain
Term
Which candidate supports construction of the Alaska Natural Gas Pipeline and focusing the war against terrorism on Pakistan and Afghanistan?
 Definition
Barack Obama
Term
IM DONE SON
 Definition
IM SO PAID
Term
More and more Louisiana Department of Transportation Development contracts for road work are being written to include:
 Definition
nighttime work
Term
Liberty Gas Storage wants to expand its Cameron Parish natural gas storage in four additional underground salt caverns to hold this many cubic feet of natural gas:
 Definition
20 billion to 24 billion
Term
The Democratic National Convention begins on August 28 here:
 Definition
Denver
Term
The last time the Democrats faced division within the Party at their convention was:
 Definition
1980
Term
This metropolitian area gained the most non farm jobs from July 2007 to July 2008:
 Definition
New Orleans
Term
The new 18,000 square-foot annex to Hangar G in the Chennault International airport will be used as:
 Definition
a training center
Term
Auto fatalities fell by this percentage in March 2008:
 Definition
22.1 percent
Term
This prominent Democrat opened the Democratic National Convention:
 Definition
Sen. Edward M. Kennedy
Term
CalcaShout is a (an):
 Definition
emergency alert system
Term
The Allen Parish Police Jury has voted to hire an architect that will increase the number of "money" beds at its new jail. "Money beds" are:
 Definition
prison space paid for by federal and state sources
Term
The cost of reparing state bulidings damaged by Hurricane Gustav is likely to exceed:
 Definition
$100 million
Term
The stocks of Lennar have risen because of the buyout of many large financial institutions. Lennar is in this sector:
 Definition
homebuilding
Term
The back of the U.S. penny has been redesigned for the first time in 50 years because of:
 Definition
200th anniversary of Abraham Lincoln's birth
Term
Scientists are studying the chenier plains of Louisiana and Texas. Chenier plains are:
 Definition
sand and shell ridges separted by mudflats
Term
Hurricanes Gustav and Ike did nearly $950 million in damages to this (these) Louisiana crop(s):
 Definition
cotton, soybeans, corn, timber, and sweet potatoes
Term
Halliburton profits for the third quarter have fallen because:
 Definition
2 hurricanes in the Gulf of Mexico
Term
Officials here plan to raise utility and cementary fees to recover increasing costs:
 Definition
DeRidder
Term
Police jurors here were issued an ultimatum to pick a jail site or lose funding by the USDA:
 Definition
Allen
Term
Because of the current financial crisis, many aging parents are moving:
 Definition
in with their childern
Term
A new courthouse for the 3rd Circuit Court of Appeals will probably constructed here:
 Definition
downtown or lakefront Lake Charles
Term
In a visit with the Chamber of Commerce here, President George W. Bush expressed optimism about the economy:
 Definition
Alexandria
Term
During Governor Bobby Jindal's visit here, he spoke about recent ethics reforms and about road improvements and education in Louisiana:
 Definition
Rosepine
Term
Ratchet arrived in the U.S. yesterday on his way to Minneapolis. Ratchet is:
 Definition
a black puppy from Iraq adopted by an American soldier
Term
Twenty companies have applied for more than $1.3 billion in Gulf Opportunity Zone bonds to build various projects in Calcasieu and Jeff Davis parishes, including:
 Definition
$1 billion co-generation plant, $150 million biodiesel facility, and $100 million oil refinery
Term
The last day for early voting for the upcoming election is:
 Definition
today
Term
The Legislative Auditor has recommended that this board should not to accept free meals from the companies it regulates:
 Definition
Public Service Commission
Term
According to the Constitution, which of the following is not a responsibility of the Vice President?
 Definition
acting as the Speaker of the House
Term
How many Vice Presidents have there been in American history?
 Definition
46
Term
Before the 12th Amendment went into effect, the President and Vice President
 Definition
were often political rivals
Term
Which of the following statements is true regarding what presidental candidates look for in a running mate?
 Definition
They may choose someone with experience in an area in which the candidate is preceived as weak.
Term
14 Vice Presidents have become President
 Definition
after their terms had ended
Term
Darfur is a _______ in the African country of Sudan.
 Definition
region
Term
Which of the following statements about the violence in Darfur is false?
 Definition
More than half of Darfur's people have been displaced
Term
Sudan's President, Omar Hassan al-Bashir, could face arrest on which of the following charges?
 Definition
Genocide, War crimes,and crimes against humanity
Term
Which statement about the janjaweed is not supported in the article?
 Definition
They are responsible for most of the civilian deaths in Darfur
Term
Some diplomats worry that if the International Criminal Court officially issues an arrest warrant for al-Bashir,
 Definition
It will undermine efforts to negotiate peace in the region.
Term
Which of the following statements about the first Kennedy-Nixon debate is not substantiated in the article?
 Definition
The candidates' appearance on the Jack Paar Show served as a powerful debate forum
Term
what percentage of Americans watched the first presidental debate in 1960?
 Definition
About 40 percent
Term
Which of the following was not an issue in the 1960 election?
 Definition
The Cuban Missile Crisis
Term
President Kennedy's innovative use of the media helped to
 Definition
set the stage for how future Presidents would use television as an election tool.
Term
After the Kennedy-Nixon debates, no presidental debates were held during the general elections until those between
 Definition
Gerald Ford and Jimmy Carter
Term
When Fidel Castro came to power, what kind of government did the Cuban people thinks he would create?
 Definition
Democracy
Term
In the early days of his rule, Castro had wide support among Cubans because
 Definition
they were happy to be rid of Batista and the corruption of his government
Term
Concerns about Castro's policies led to the U.S. imposing an _______________ on Cuba that is still in place today.
 Definition
economic embargo
Term
The Eighth Amendment focuses on
 Definition
cruel and unusual punishments
Term
The death penalty is legal in ________ states.
 Definition
36
Term
The Baze v. Rees case questioned whether_________________.
 Definition
lethal injection is constitutional
Term
Which of the following has contributed to the less frequent use of the death penalty in the U.S.?
 Definition
The use of DNA testing to prove innocence or guilt
Term
Which of the following statements is false?
 Definition
The death penalty was declared unconstitutional in 1972.
Term
Which of the following is not mentioned in the article as a key issue in this presidental election?
 Definition
Education
Term
Which of the follwing global situations will not be inherited by the incoming President?
 Definition
the nuclear arms race with China
Term
Which of the following statements about the candidates' positions on Iraq is accurate?
 Definition
McCain says most troops would be out within four years.
Term
Voters who don't consistently vote for one party or the other are called:
 Definition
swing voters
Term
What do the two candidates have in common?
 Definition
They are U.S. senators
Term
Which of the following is not true for Saudi Arabian women?
 Definition
They are not allowed to have Internet contact with men.
Term
Which of the following do Saudi boys do in attempts to contact girls?
 Definition
hold up signs with their phone numbers to cars filled with women, go on facebook and other web sites, and use bluetooth to send them notes and phone numbers
Term
Through many Saudi women have college educations, they have a hard time getting jobs because
 Definition
it's difficult for businessess to maintain the required gender segreation in workplaces
Term
The strict Saudi interpretation of Islam is known as:
 Definition
Wahhabism
Term
Which of the following countries did not occupy West Germany after the Potsdam Conference?
 Definition
Soviet Union
Term
Why did the Soviets blockade Berlin in 1948?
 Definition
To force West Berliners to be dependent on Soviet and East German supplies
Term
Which was not a result of the construction of the Berlin Wall?
 Definition
East Berlin's economy grew stronger
Term
Which U.S. President encouraged the Soviet leader to tear down the Berlin Wall in 1987?
 Definition
Ronald Reagan
Term
What was the ostensible reason for Russia's invasion of Georgia in August?
 Definition
A dispute over two regions in Georgia
Term
The attack on Georgia was the first Russian offensive outside its territory since
 Definition
the collapse of the Soviet Union in 1991.
Term
What was seen by Russia as a provocation for the attack?
 Definition
Georgia's close ties with the U.S.
Term
Which of the following is not thought to be one of Russia's goals for the invasion?
 Definition
To put a stop to anti-Russian rhetoric in Georgia's media
Term
Which of the following is not true about both political ads and product ads?
 Definition
They must legally be accurate and truthful.
Term
How many years ago did the first national political ads appear on television?
 Definition
60
Term
Who was the first presidental candidate to appear in TV ads?
 Definition
Dwight D. Eisenhower
Term
The ad often described as TV's first negative political ad dealth with what topic?
 Definition
Nuclear weapons
Term
Why are Obama and McCain spending so much money on TV ads rather than on ads in new media like the Internet?
 Definition
TV reaches people who do not pay a lot of attention to the campaign.
Term
Which of the following does a poll about presidential elections not do?
 Definition
Reliably predict the outcome of an election
Term
What polling error in 1948 was partly responsible for the widespread assumption that Thomas E. Dewey would defeat Harry S. Truman?
 Definition
Pollsters stopped interviewing the public several weeks before the election.
Term
Exit polls in Florida presented an inaccurate picture of who had won the presidency in the 2000 race between
 Definition
George W. Bush and Al Gore
Term
The basic idea behind probability sampling is that
 Definition
opinions of randomly selected people accurately reflect opinions overall.
Term
Which of the following has not yet been found to affect the accuracy of polling results?
 Definition
The increase in voters who only have cell phones
Term
The Supreme Court ______________ only a few dozen times a year.
 Definition
holds oral arguments
Term
Which of the following statements about the Supreme Court is false?
 Definition
The Court carries out all its business behind closed doors.
Term
Of the approximately 8,000 appeals submitted to the Supreme Court each year, about what percentage are accepted?
 Definition
1 percent
Term
Who was the Court's first black Justice?
 Definition
Thurgood Marshall
Term
The Supreme Court case that outlawed segreation in public schools overturned what earlier Court decision?
 Definition
Plessy v. Ferguson
Term
The challenge that India is facing, as described in the article, is how to
 Definition
divert farmland to industry so its economy can keep growing
Term
Which of the following statements about India's poverty is false?
 Definition
There is no middle class
Term
Why are many of India's farmers resistant to the country's industrialization?
 Definition
They are not qualified to be part of an industrial workforce
Term
60 percent of India's workforce is involved in agriculture. What percentage is involved in industry?
 Definition
12 percent
Term
The number of electoral votes that a state has is based on
 Definition
population
Term
Which of the following was not a reason the Founding Fathers created the Electoral College?
 Definition
It allowed Congress to play a role in the presidental election
Term
Who selects the electors for each state?
 Definition
The political parties in each state
Term
How many electoral votes does a candidate need to win the presidency?
 Definition
270
Term
Who walks into the White House when one candidate wins the popular vote and another candidate wins the electoral vote?
 Definition
The winner of the electoral vote becomes President
Term
Which of the following is not a problem in South Africa?
 Definition
A weak economy compared withthe rest of Africa
Term
The end of apartheid is most associated with
 Definition
the election of Nelson Mandela
Term
Who will likey be elected South Africa's President in 2009?
 Definition
Jacob Zuma
Term
Which of the following is not cited in the article as a reason for optimism in South Africa?
 Definition
The number of people emigrating is declining
Term
According to the article, _____________ is the top issue in this year's election.
 Definition
the economy
Term
John McCain and Barack Obama agree on all but which one of the following?
 Definition
Establishing a timetable for withdrawl of U.S. troops from Iraq
Term
Both candidates believe that
 Definition
more trops should be sent to Afgahanistan
Term
Which candidate hopes to balance the federal budget by 2013, remain in Iraq until democracy is stable there, and offer health care tax credits?
 Definition
John McCain
Term
Which candidate supports construction of the Alaska Natural Gas Pipeline and focusing the war against terrorism on Pakistan and Afghanistan?
 Definition
Barack Obama
Term
IM DONE SON
 Definition
IM SO PAID
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