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Solutions for Chapter 9: Labor Markets

Full solutions for Contemporary Economics | 2nd Edition

ISBN: 9780538444958

Solutions for Chapter 9: Labor Markets

Solutions for Chapter 9
4 5 0 419 Reviews
Textbook: Contemporary Economics
Edition: 2
Author: William A. McEachern
ISBN: 9780538444958

Since 33 problems in chapter 9: Labor Markets have been answered, more than 1438 students have viewed full step-by-step solutions from this chapter. Contemporary Economics was written by Patricia and is associated to the ISBN: 9780538444958. Chapter 9: Labor Markets includes 33 full step-by-step solutions. This expansive textbook survival guide covers the following chapters and their solutions. 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

  • Arrow’s impossibility theorem

    a mathematical result showing that, under certain assumed conditions, there is no scheme for aggregating individual preferences into a valid set of social preferences

  • compensating differential

    a difference in wages that arises to offset the nonmonetary characteristics of different jobs

  • diversification

    the reduction of risk achieved by replacing a single risk with a large number of smaller, unrelated risks

  • efficiency

    the property of society getting the most it can from its scarce resources

  • federal funds rate

    the interest rate at which banks make overnight loans to one another

  • financial markets

    financial institutions through which savers can directly provide funds to borrowers

  • gross domestic product (GDP)

    the market value of all final goods and services produced within a country in a given period of time

  • human capital

    the knowledge and skills that workers acquire through education, training, and experience

  • implicit costs

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

  • inferior good

    a good for which, other things being equal, an increase in income leads to a decrease in demand

  • law of demand

    the claim that, other things being equal, the quantity demanded of a good falls when the price of the good rises

  • market risk

    isk that affects all companies in the stock market

  • 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

  • profit

    total revenue minus total cost

  • rational people

    people who systematically and purposefully do the best they can to achieve their objectives

  • regressive tax

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

  • sunk cost

    a cost that has already been committed and cannot be recovered

  • theory of liquidity preference

    Keynes’s theory that the interest rate adjusts to bring money supply and money demand into balance

  • union

    a worker association that bargains with employers over wages, benefits, and working conditions

Textbook Survival Guides

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