Make $16/hr - and build your resume - as a Marketing Coordinator! Apply Now

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
27
3
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

×
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
Forgot password? Reset your password here

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