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American Government - Solutions by Chapter

American Government | ISBN: 9781938168178 | Authors: Glen Krutz, Sylvie Waskiewicz

Full solutions for American Government

ISBN: 9781938168178

American Government | ISBN: 9781938168178 | Authors: Glen Krutz, Sylvie Waskiewicz

American Government - Solutions by Chapter

This textbook survival guide was created for the textbook: American Government, edition: . The full step-by-step solution to problem in American Government were answered by Patricia, our top Business solution expert on 01/24/18, 06:00AM. American Government was written by Patricia and is associated to the ISBN: 9781938168178. Since problems from 17 chapters in American Government have been answered, more than 7022 students have viewed full step-by-step answer. This expansive textbook survival guide covers the following chapters: 17.

Key Business Terms and definitions covered in this textbook
  • aggregate-supply curve

    a curve that shows the quantity of goods and services that firms choose to produce and sell at each price level

  • average fixed cost

    fixed cost divided by the quantity of output

  • economic profit

    total revenue minus total cost, including both explicit and implicit costs

  • elasticity

    a measure of the responsiveness of quantity demanded or quantity supplied to a change in one of its determinants

  • excludability

    the property of a good whereby a person can be prevented from using it

  • inflation

    an increase in the overall level of prices in the economy

  • law of demand

    the claim that, other things being equal, the quantity demanded of a good falls when the price of the good rises

  • market economy

    an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services

  • natural-rate hypothesis

    the claim that unemployment eventually returns to its normal, or natural, rate, regardless of the rate of inflation

  • political economy

    the study of government using the analytic methods of economics

  • producer surplus

    the amount a seller is paid for a good minus the seller’s cost of providing it

  • production function

    the relationship between quantity of inputs used to make a good and the quantity of output of that good

  • production possibilities frontier

    a graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology

  • quantity demanded

    the amount of a good that buyers are willing and able to purchase

  • rational people

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

  • real interest rate

    the interest rate corrected for the effects of inflation

  • surplus

    a situation in which quantity supplied is greater than quantity demanded

  • total cost

    the market value of the inputs a firm uses in production

  • unemployment insurance

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

  • world price

    the price of a good that prevails in the world market for that good

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