- 13.1: What are the four main kinds of unemployment and how do they differ...
- 13.2: What are three negative impacts of unemployment?
- 13.3: Which of the following persons is most likely to live in poverty: a...
- 13.4: Describe three antipoverty programs you feel are most useful and gi...
- 13.5: Describe two causes of inflation.
- 13.6: Which consequence of inflation would be the most troublesome to you...
- 13.7: The table below shows employees laid off from selected industries i...
- 13.8: The table below shows employees laid off from selected industries i...
- 13.9: Creating Graphs The population can be divided into five equal group...
- 13.10: Analyzing and Interpreting Data What conclusions can you draw about...
- 13.11: Analyzing Cause and Effect Think of three possible reasons a person...
- 13.12: Explaining an Economic Concept Which antipoverty programs use marke...
- 13.13: Analyzing and Interpreting Data Consider the following data: Consum...
- 13.14: Challenge Which economic challenge unemployment, poverty, or inflat...
Solutions for Chapter 13: Facing Economic Challenges
Full solutions for Economics: Concepts and Choices: Student Edition 2008 | 1st Edition
the idea that taxes should be levied on a person according to how well that person can shoulder the burden
the property whereby countries that start off poor tend to grow more rapidly than countries that start off rich
constant returns to scale
The property whereby long-run average total cost stays the same as the quantity of output changes
the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it
spending by households on goods and services, with the exception of purchases of new housing
total revenue minus total cost, including both explicit and implicit costs
a situation in which the market price has reached the level at which quantity supplied equals quantity demanded
unemployment that results because it takes time for workers to search for the jobs that best suit their tastes and skills
a good for which an increase in the price raises the quantity demanded
law of supply and demand
the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance
the increase in total cost that arises from an extra unit of production
median voter theorem
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
negative income tax
a tax system that collects revenue from high-income households and gives subsidies to lowincome households
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
people who systematically and purposefully do the best they can to achieve their objectives
real exchange rate
the rate at which a person can trade the goods and services of one country for the goods and services of another
the organized withdrawal of labor from a firm by a union
two goods for which an increase in the price of one leads to an increase in the demand for the other
Tragedy of the Commons
a parable that illustrates why common resources are used more than is desirable from the standpoint of society as a whole
willingness to pay
the maximum amount that a buyer will pay for a good