Intermediate Accounting 15th Edition - Solutions by Chapter

a curve that shows the quantity of goods and services that households, firms, the government, and customers abroad want to buy at each price level

a mathematical result showing that, under certain assumed conditions, there is no scheme for aggregating individual preferences into a valid set of social preferences

total cost divided by the quantity of output

the idea that people should pay taxes based on the benefits they receive from government services

a shortfall of tax revenue from government spending

an excess of government receipts over government spending

a graph of the relationship between the price of a good and the quantity demanded

a table that shows the relationship between the price of a good and the quantity demanded

the property of distributing economic prosperity uniformly among the members of society

the quantity supplied and the quantity demanded at the equilibrium price

the one-for-one adjustment of the nominal interest rate to the inflation rate

the increase in total cost that arises from an extra unit of production

a mathematical result showing that if voters are choosing a point along a line and each voter wants the point closest to his most preferred point, then majority rule will pick the most preferred point of the median voter

the normal rate of unemployment around which the unemployment rate fluctuates

a person’s normal income

an absolute level of income set by the federal government for each family size below which a family is deemed to be in poverty

the business practice of selling the same good at different prices to different customers

people who systematically and purposefully do the best they can to achieve their objectives

an action taken by an informed party to reveal private information to an uninformed party

a parable that illustrates why common resources are used more than is desirable from the standpoint of society as a whole