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Solutions for Chapter 14: Government Spending, Revenue, and Public Choice

Full solutions for Contemporary Economics | 2nd Edition

ISBN: 9780538444958

Solutions for Chapter 14: Government Spending, Revenue, and Public Choice

Solutions for Chapter 14
4 5 0 325 Reviews
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Textbook: Contemporary Economics
Edition: 2
Author: William A. McEachern
ISBN: 9780538444958

This expansive textbook survival guide covers the following chapters and their solutions. Chapter 14: Government Spending, Revenue, and Public Choice includes 37 full step-by-step solutions. This textbook survival guide was created for the textbook: Contemporary Economics, edition: 2. Since 37 problems in chapter 14: Government Spending, Revenue, and Public Choice have been answered, more than 4993 students have viewed full step-by-step solutions from this chapter. Contemporary Economics was written by and is associated to the ISBN: 9780538444958.

Key Business Terms and definitions covered in this textbook
  • classical dichotomy

    the theoretical separation of nominal and real variables

  • cross-price elasticity of demand

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

  • discount rate

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

  • dominant strategy

    a strategy that is best for a player in a game regardless of the strategies chosen by the other players

  • economic profit

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

  • equilibrium

    a situation in which the market price has reached the level at which quantity supplied equals quantity demanded

  • 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

  • Giffen good

    a good for which an increase in the price raises the quantity demanded

  • in-kind transfers

    transfers to the poor given in the form of goods and services rather than cash

  • leverage

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

  • lump-sum tax

    a tax that is the same amount for every person

  • maximin criterion

    the claim that the government should aim to maximize the well-being of the worst-off person in society

  • menu costs

    the costs of changing prices

  • net capital outflow

    the purchase of foreign assets by domestic residents minus the purchase of domestic assets by foreigners

  • normative statements

    claims that attempt to prescribe how the world should be

  • oligopoly

    a market structure in which only a few sellers offer similar or identical products

  • property rights

    the ability of an individual to own and exercise control over scarce resources

  • shortage

    a situation in which quantity demanded is greater than quantity supplied

  • social insurance

    government policy aimed at protecting people against the risk of adverse events

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