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Solutions for Chapter 13: Economic Challenges

Full solutions for Contemporary Economics | 2nd Edition

ISBN: 9780538444958

Solutions for Chapter 13: Economic Challenges

Solutions for Chapter 13
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Textbook: Contemporary Economics
Edition: 2
Author: William A. McEachern
ISBN: 9780538444958

Contemporary Economics was written by Patricia and is associated to the ISBN: 9780538444958. Chapter 13: Economic Challenges includes 36 full step-by-step solutions. This expansive textbook survival guide covers the following chapters and their solutions. Since 36 problems in chapter 13: Economic Challenges have been answered, more than 1410 students have viewed full step-by-step solutions from this chapter. This textbook survival guide was created for the textbook: Contemporary Economics, edition: 2.

Key Business Terms and definitions covered in this textbook
  • benefits principle

    the idea that people should pay taxes based on the benefits they receive from government services

  • capital requirement

    a government regulation specifying a minimum amount of bank capital

  • circular-flow diagram

    a visual model of the economy that shows how dollars flow through markets among households and firms

  • Coase theorem

    the proposition that if private parties can bargain without cost over the allocation of resources, they can solve the problem of externalities on their own

  • demand curve

    a graph of the relationship between the price of a good and the quantity demanded

  • diseconomies of scale

    the property whereby long-run average total cost rises as the quantity of output increases

  • diversification

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

  • economic profit

    total revenue minus total cost, including both explicit and implicit costs

  • indifference curve

    a curve that shows consumption bundles that give the consumer the same level of satisfaction

  • law of supply

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

  • monopolistic competition

    the quantity of money available in the economy

  • monopoly

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

  • perfect substitutes

    two goods with straight-line indifference curves

  • poverty rate

    the percentage of the population whose family income falls below an absolute level called the poverty line

  • price elasticity of demand

    a measure of how much the quantity demanded of a good responds to a change in the price of that good, computed as the percentage change in quantity demanded divided by the percentage change in price

  • price floor

    a legal minimum on the price at which a good can be sold

  • productivity

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

  • progressive tax

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

  • substitutes

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

  • surplus

    a situation in which quantity supplied is greater than quantity demanded

Textbook Survival Guides

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