> > Contemporary Economics 2

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

Log in to StudySoup
Get Full Access to Contemporary Economics

Forgot password? Reset password here

Join StudySoup for FREE
Get Full Access to Contemporary Economics
Join with Email
Already have an account? Login here
Reset your password

I don't want to reset my password

Need help? Contact support

Need an Account? Is not associated with an account
Sign up
We're here to help

Having trouble accessing your account? Let us help you, contact support at +1(510) 944-1054 or support@studysoup.com

Got it, thanks!
Password Reset Request Sent An email has been sent to the email address associated to your account. Follow the link in the email to reset your password. If you're having trouble finding our email please check your spam folder
Got it, thanks!
Already have an Account? Is already in use
Log in
Incorrect Password The password used to log in with this account is incorrect
Try Again

Forgot password? Reset it here