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Solutions for Chapter 12: Intermediate Accounting 15th Edition

Intermediate Accounting | 15th Edition | ISBN: 9781118147290 | Authors: Donald E. Kieso

Full solutions for Intermediate Accounting | 15th Edition

ISBN: 9781118147290

Intermediate Accounting | 15th Edition | ISBN: 9781118147290 | Authors: Donald E. Kieso

Solutions for Chapter 12

Solutions for Chapter 12
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Textbook: Intermediate Accounting
Edition: 15
Author: Donald E. Kieso
ISBN: 9781118147290

Chapter 12 includes 25 full step-by-step solutions. This expansive textbook survival guide covers the following chapters and their solutions. This textbook survival guide was created for the textbook: Intermediate Accounting, edition: 15. Intermediate Accounting was written by and is associated to the ISBN: 9781118147290. Since 25 problems in chapter 12 have been answered, more than 8528 students have viewed full step-by-step solutions from this chapter.

Key Business Terms and definitions covered in this textbook
  • central bank

    an institution designed to oversee the banking system and regulate the quantity of money in the economy

  • Coase theorem

    the proposition that if private parties can bargain without cost over the allocation of resources, they can solve the problem of externalities on their own

  • competitive market

    a market with many buyers and sellers trading identical products so that each buyer and seller is a price taker

  • deadweight loss

    the fall in total surplus that results from a market distortion, such as a tax

  • efficiency

    the property of society getting the most it can from its scarce resources

  • free rider

    a person who receives the benefit of a good but avoids paying for it

  • GDP deflator

    a measure of the price level calculated as the ratio of nominal GDP to real GDP times 100

  • human capital

    the knowledge and skills that workers acquire through education, training, and experience

  • income elasticity of demand

    a measure of how much the quantity demanded of a good responds to a change in consumers’ income, computed as the percentage change in quantity demanded divided by the percentage change in income

  • inflation rate

    the percentage change in the price index from the preceding period

  • lump-sum tax

    a tax that is the same amount for every person

  • marginal revenue

    the change in total revenue from an additional unit sold

  • natural rate of unemployment

    the normal rate of unemployment around which the unemployment rate fluctuates

  • permanent income

    a person’s normal income

  • poverty line

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

  • risk aversion

    a dislike of uncertainty

  • substitution effect

    the change in consumption that results when a price change moves the consumer along a given indifference curve to a point with a new marginal rate of substitution

  • theory of liquidity preference

    Keynes’s theory that the interest rate adjusts to bring money supply and money demand into balance

  • unemployment insurance

    a government program that partially protects workers’ incomes when they become unemployed

  • welfare

    government programs that supplement the incomes of the needy welfare economics the study of how the allocation of resources affects economic well-being

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