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Deflation is a general decrease in the level of prices for goods and services. Double taxation means that income tax is paid twice from the same source of income. Purpose is the process by which people or organizations allocate certain money for certain purposes. Economic efficiency is when every scarce resource in the economy is used and distributed between producers and consumers in such a way as to provide the greatest economic return and benefit to consumers. Economic integration or regional integration is an agreement between countries to reduce or eliminate trade barriers and harmonize fiscal policies. The Recovery Tax Act of 1981, signed into law by Ronald Reagan during his first year in office, was the largest tax cut in US history. Economic stimulus refers to targeted fiscal and monetary policy aimed at obtaining an economic response from the private sector. Medium-term euronote (EMTN) is a medium-term flexible debt security that is issued and traded outside the United States. The Fed’s balance sheet is a list of assets and liabilities of the Federal Reserve. The financial system is the collection of global, regional or firm-specific institutions and practices used to facilitate the exchange of funds.