11.   Automakers, steelmakers and others built up inventories after they underestimated the impact of the tax increase on sales, economists said.

12.   But the Kauffman Foundation may have underestimated the impact of its scholarships.

13.   But those who are praying underestimate the impact such a leadership would have on themselves.

14.   Even the government acknowledged last month it underestimated the impact of the higher taxes.

15.   Few economists expect a turnaround before next spring since companies are cutting production to trim inventories they built up after underestimating the impact of the tax increases.

16.   He added management knew service might suffer but underestimated the impact of staff cuts in customer-contact areas.

17.   IBM underestimated the impact of personal computers.

18.   It is odd, in fact, how much feminists underestimate the impact on attitudes which working women can have, simply by their presence in the workplace.

19.   It is worth recalling that economists have repeatedly underestimated the impact of previous oil shocks.

20.   Machine, auto and electronics makers, which have built up inventories after they underestimated the impact of the higher taxes on sales, ordered fewer machines in September.