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Contemporary Economics 2nd Edition - Solutions by Chapter

Full solutions for Contemporary Economics | 2nd Edition

ISBN: 9780538444958

Contemporary Economics | 2nd Edition - Solutions by Chapter

Since problems from 21 chapters in Contemporary Economics have been answered, more than 1830 students have viewed full step-by-step answer. Contemporary Economics was written by Patricia and is associated to the ISBN: 9780538444958. The full step-by-step solution to problem in Contemporary Economics were answered by Patricia, our top Business solution expert on 03/13/18, 03:45AM. This expansive textbook survival guide covers the following chapters: 21. This textbook survival guide was created for the textbook: Contemporary Economics, edition: 2.

Key Business Terms and definitions covered in this textbook
  • average revenue

    total revenue divided by the quantity sold

  • central bank

    an institution designed to oversee the banking system and regulate the quantity of money in the economy

  • collective bargaining

    the process by which unions and firms agree on the terms of employment

  • crowding-out effect

    the offset in aggregate demand that results when expansionary fiscal policy raises the interest rate and thereby reduces investment spending

  • diminishing returns

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

  • discount rate

    the interest rate on the loans that the Fed makes to banks

  • discrimination

    the offering of different opportunities to similar individuals who differ only by race, ethnic group, sex, age, or other personal characteristics

  • equilibrium

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

  • fiat money

    money without intrinsic value that is used as money because of government decree

  • implicit costs

    input costs that do not require an outlay of money by the firm

  • in-kind transfers

    transfers to the poor given in the form of goods and services rather than cash

  • life cycle

    the regular pattern of income variation over a person’s life

  • marginal revenue

    the change in total revenue from an additional unit sold

  • 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

  • progressive tax

    a tax for which highincome taxpayers pay a larger fraction of their income than do low-income taxpayers

  • property rights

    the ability of an individual to own and exercise control over scarce resources

  • purchasing-power parity

    a theory of exchange rates whereby a unit of any given currency should be able to buy the same quantity of goods in all countries

  • sunk cost

    a cost that has already been committed and cannot be recovered

  • tariff

    tax on goods produced abroad and sold domestically

  • total revenue (for a firm)

    the amount a firm receives for the sale of its output

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