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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 2338 students have viewed full step-by-step answer. Contemporary Economics was written by and is associated to the ISBN: 9780538444958. The full step-by-step solution to problem in Contemporary Economics were answered by , 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
  • ability-to-pay principle

    the idea that taxes should be levied on a person according to how well that person can shoulder the burden

  • adverse selection

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

  • average tax rate

    total taxes paid divided by total income

  • consumer surplus

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

  • crowding out

    a decrease in investment that results from government borrowing

  • currency

    the paper bills and coins in the hands of the public

  • economics

    the study of how society manages its scarce resources economies of scale the property whereby long-run average total cost falls as the quantity of output increases

  • in-kind transfers

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

  • liquidity

    the ease with which an asset can be converted into the economy’s medium of exchange

  • Nash equilibrium

    a situation in which economic actors interacting with one another each choose their best strategy given the strategies that all the other actors have chosen

  • natural rate of unemployment

    the normal rate of unemployment around which the unemployment rate fluctuates

  • 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

  • productivity

    the quantity of goods and services produced from each unit of labor input

  • productivity

    the quantity of goods and services produced from each unit of labor input

  • 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

  • substitutes

    two goods for which an increase in the price of one leads to an increase in the demand for the other

  • substitution effect

    the change in consumption that results when a price change moves the consumer along a given indifference curve to a point with a new marginal rate of substitution

  • tariff

    tax on goods produced abroad and sold domestically

  • vertical equity

    the idea that taxpayers with a greater ability to pay taxes should pay larger amounts

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