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Economics New Ways of Thinking 1st Edition - Solutions by Chapter

Full solutions for Economics New Ways of Thinking | 1st Edition

ISBN: 9780821934012

Economics New Ways of Thinking | 1st Edition - Solutions by Chapter

Economics New Ways of Thinking was written by and is associated to the ISBN: 9780821934012. Since problems from 16 chapters in Economics New Ways of Thinking have been answered, more than 839 students have viewed full step-by-step answer. This expansive textbook survival guide covers the following chapters: 16. The full step-by-step solution to problem in Economics New Ways of Thinking were answered by , our top Business solution expert on 03/13/18, 07:39PM. This textbook survival guide was created for the textbook: Economics New Ways of Thinking, edition: 1.

Key Business Terms and definitions covered in this textbook
  • appreciation

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

  • benefits principle

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

  • 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

  • collusion

    an agreement among firms in a market about quantities to produce or prices to charge

  • demand deposits

    balances in bank accounts that depositors can access on demand by writing a check

  • discount rate

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

  • economic profit

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

  • elasticity

    a measure of the responsiveness of quantity demanded or quantity supplied to a change in one of its determinants

  • income elasticity of demand

    a measure of how much the quantity demanded of a good responds to a change in consumers’ income, computed as the percentage change in quantity demanded divided by the percentage change in income

  • law of demand

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

  • leverage ratio

    the ratio of assets to bank capital

  • natural monopoly

    a monopoly that arises because a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms

  • negative income tax

    a tax system that collects revenue from high-income households and gives subsidies to lowincome households

  • oligopoly

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

  • open-market operations

    the purchase and sale of U.S. government bonds by the Fed

  • perfect complements

    two goods with right-angle indifference curves

  • prisoners’ dilemma

    a particular “game” between two captured prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficial

  • producer price index

    a measure of the cost of a basket of goods and services bought by firms

  • unemployment rate

    the percentage of the labor force that is unemployed

  • velocity of money

    the rate at which money changes hands

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