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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 , our top Business solution expert on 01/24/18, 06:00AM. American Government was written by and is associated to the ISBN: 9781938168178. Since problems from 17 chapters in American Government have been answered, more than 9610 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
  • ability-to-pay principle

    the idea that taxes should be levied on a person according to how well that person can shoulder the burden

  • appreciation

    an increase in the value of a currency as measured by the amount of foreign currency it can buy

  • budget surplus

    an excess of tax revenue over government spending

  • competitive market

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

  • depression

    a severe recession

  • diminishing returns

    the property whereby the benefit from an extra unit of an input declines as the quantity of the input increases

  • economies of scale

    the property whereby long-run average total cost falls as the quantity of output increases

  • firm-specific risk

    risk that affects only a single company

  • income effect

    the change in consumption that results when a price change moves the consumer to a higher or lower indifference curve

  • law of demand

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

  • leverage ratio

    the ratio of assets to bank capital

  • market power

    the ability of a single economic actor (or small group of actors) to have a substantial influence on market prices

  • money supply

    the quantity of money available in the economy

  • monopolistic competition

    the quantity of money available in the economy

  • perfect complements

    two goods with right-angle indifference curves

  • political economy

    the study of government using the analytic methods of economics

  • present value

    the amount of money today that would be needed, using prevailing interest rates, to produce a given future amount of money

  • profit

    total revenue minus total cost

  • public saving

    the tax revenue that the government has left after paying for its spending

  • shortage

    a situation in which quantity demanded is greater than quantity supplied

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