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Solutions for Chapter 13: Facing Economic Challenges

Economics: Concepts and Choices: Student Edition 2008 | 1st Edition | ISBN: 9780618594030 | Authors: MCDOUGAL LITTEL

Full solutions for Economics: Concepts and Choices: Student Edition 2008 | 1st Edition

ISBN: 9780618594030

Economics: Concepts and Choices: Student Edition 2008 | 1st Edition | ISBN: 9780618594030 | Authors: MCDOUGAL LITTEL

Solutions for Chapter 13: Facing Economic Challenges

This textbook survival guide was created for the textbook: Economics: Concepts and Choices: Student Edition 2008, edition: 1. Chapter 13: Facing Economic Challenges includes 14 full step-by-step solutions. Economics: Concepts and Choices: Student Edition 2008 was written by and is associated to the ISBN: 9780618594030. Since 14 problems in chapter 13: Facing Economic Challenges have been answered, more than 4918 students have viewed full step-by-step solutions from this chapter. This expansive textbook survival guide covers the following chapters and their solutions.

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

  • catch-up effect

    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

  • consumer surplus

    the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it

  • consumption

    spending by households on goods and services, with the exception of purchases of new housing

  • economic profit

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

  • equilibrium

    a situation in which the market price has reached the level at which quantity supplied equals quantity demanded

  • frictional unemployment

    unemployment that results because it takes time for workers to search for the jobs that best suit their tastes and skills

  • Giffen good

    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

  • marginal cost

    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

  • rational people

    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

  • strike

    the organized withdrawal of labor from a firm by a union

  • substitutes

    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

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