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
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Textbook: Contemporary Economics
Edition: 2
Author: William A. McEachern
ISBN: 9780538444958

Since 33 problems in chapter 9: Labor Markets have been answered, more than 2313 students have viewed full step-by-step solutions from this chapter. Contemporary Economics was written by 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
  • absolute advantage

    the ability to produce a good using fewer inputs than another producer

  • agent

    a person who is performing an act for another person, called the principal

  • catch-up effect

    the property whereby countries that start off poor tend to grow more rapidly than countries that start off rich

  • complements

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

  • deadweight loss

    the fall in total surplus that results from a market distortion, such as a tax

  • depreciation

    a decrease in the value of a currency as measured by the amount of foreign currency it can buy

  • discount rate

    the interest rate on the loans that the Fed makes to banks

  • financial intermediaries

    financial institutions through which savers can indirectly provide funds to borrowers

  • leverage

    the use of borrowed money to supplement existing funds for purposes of investment

  • libertarianism

    the political philosophy according to which the government should punish crimes and enforce voluntary agreements but not redistribute income

  • median voter theorem

    a mathematical result showing that if voters are choosing a point along a line and each voter wants the point closest to his most preferred point, then majority rule will pick the most preferred point of the median voter

  • monopoly

    a firm that is the sole seller of a product without close substitutes

  • normal good

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

  • present value

    the amount of money today that would be needed, using prevailing interest rates, to produce a given future amount of money

  • principal

    a person for whom another person, called the agent, is performing some act

  • 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

  • total cost

    the market value of the inputs a firm uses in production

  • trade balance

    the value of a nation’s exports minus the value of its imports; also called net exports

  • utilitarianism

    the political philosophy according to which the government should choose policies to maximize the total utility of everyone in society

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