- Chapter 1: What Is Economics?
- Chapter 10: Financial Markets and Business Growth
- Chapter 11: Economic Performance
- Chapter 12: Economic Growth
- Chapter 13: Economic Challenges
- Chapter 14: Government Spending, Revenue, and Public Choice
- Chapter 15: Fiscal Policy, Deficits, and Debt
- Chapter 16: Money and Banking
- Chapter 17: Money Creation, Federal Reserve, Monetary Policy
- Chapter 18: International Trade and Finance
- Chapter 19: Economic Development
- Chapter 2: Economic Systems and Economic Tools
- Chapter 20: Consumer Responsibilities and Protections
- Chapter 21: Managing Your Money
- Chapter 3: U.S. Private and Public Sectors
- Chapter 4: Demand
- Chapter 5: Supply
- Chapter 6: Market Forces Market Forces
- Chapter 7: Market Structure
- Chapter 8: Businesses
- Chapter 9: Labor Markets
Contemporary Economics 2nd Edition - Solutions by Chapter
Full solutions for Contemporary Economics | 2nd Edition
ISBN: 9780538444958
Contemporary Economics | 2nd Edition - Solutions by Chapter
Get Full SolutionsSince 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.
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ability-to-pay principle
the idea that taxes should be levied on a person according to how well that person can shoulder the burden
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adverse selection
the tendency for the mix of unobserved attributes to become undesirable from the standpoint of an uninformed party
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average tax rate
total taxes paid divided by total income
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consumer surplus
the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it
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crowding out
a decrease in investment that results from government borrowing
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currency
the paper bills and coins in the hands of the public
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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
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in-kind transfers
transfers to the poor given in the form of goods and services rather than cash
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liquidity
the ease with which an asset can be converted into the economy’s medium of exchange
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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
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natural rate of unemployment
the normal rate of unemployment around which the unemployment rate fluctuates
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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
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productivity
the quantity of goods and services produced from each unit of labor input
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productivity
the quantity of goods and services produced from each unit of labor input
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signaling
an action taken by an informed party to reveal private information to an uninformed party
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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
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substitutes
two goods for which an increase in the price of one leads to an increase in the demand for the other
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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
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tariff
tax on goods produced abroad and sold domestically
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vertical equity
the idea that taxpayers with a greater ability to pay taxes should pay larger amounts