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We believe there is a case for multiple cuts, because our measure of the output gap is based on upwardly-biased labour market data, and probably understates the degree of slack in the economy.
Its clinical-significance ratings rest on self-reports, which likely understate the personal havoc wreaked by various symptoms, Wakefield and Spitzer note.
Spending on these upgrades boosts the value of a building, and thus understates the true rate of loss in the original construction value.
Preparers can be penalized up to 40% of the understated tax liability of an incorrect tax return--for example, one in which a taxpayer understates income or overstates deductions to reduce the amount of the tax liability.
Even this impressive figure, however, understates the scrutiny to which large corporate taxpayers are subjected, for the returns of unaudited CEP taxpayers are "carefully reviewed .
Calling one a drug and not the other understates the damage done by drinking and might also cause people who have enjoyed marijuana to disregard warnings against more treacherous drugs.