Well, it is certainly below the level of full utilisation.
BLQ: Below the Level of Quantification.
Still, gasoline prices remain 22.7percentt below the levels of a year ago.
However, to borrow Mr James's vivid analogy of "the baseball player as an iceberg"—meaning that the vast majority of their production falls below the "water line" of replacement level and thus has no economic value the credit for those extra victories does not belong to Mr Beane alone.
True, the level of national output will remain below its pre-recession levels for some time.
The UN says fertility in all European countries is now below the level required for "full replacement of the population in the long run".
As one of their year-end announcements, The Centers for Disease Control reported the U.S. birth rate at 1.86, below the replacement level of 2.1.
It is now at almost two children per woman, just below the replacement level of 2.1, and looks set to rise further.
With a total fertility rate of 1.24 (2011) well below the replacement level of 2.1 births per female, there is growing concern about how to support the country's elderly in an aging society.
