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Textbooks > Business > American Government

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 11019 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
  • accounting profit

    total revenue minus total explicit cost

  • adverse selection

    the tendency for the mix of unobserved attributes to become undesirable from the standpoint of an uninformed party

  • Arrow’s impossibility theorem

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

  • budget constraint

    the limit on the consumption bundles that a consumer can afford

  • circular-flow diagram

    a visual model of the economy that shows how dollars flow through markets among households and firms

  • classical dichotomy

    the theoretical separation of nominal and real variables

  • commodity money

    money that takes the form of a commodity with intrinsic value

  • cost

    the value of everything a seller must give up to produce a good

  • inflation rate

    the percentage change in the price index from the preceding period

  • money multiplier

    the amount of money the banking system generates with each dollar of reserves

  • monopoly

    a firm that is the sole seller of a product without close substitutes

  • 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

  • price elasticity of demand

    a measure of how much the quantity demanded of a good responds to a change in the price of that good, computed as the percentage change in quantity demanded divided by the percentage change in price

  • sacrifice ratio

    the number of percentage points of annual output lost in the process of reducing inflation by 1 percentage point

  • signaling

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

  • structural unemployment

    unemployment that results because the number of jobs available in some labor markets is insufficient to provide a job for everyone who wants one

  • technological knowledge

    society’s understanding of the best ways to produce goods and services

  • total cost

    the market value of the inputs a firm uses in production

  • utility

    a measure of happiness or satisfaction

  • value of the marginal product

    the marginal product of an input times the price of the output

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