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Solutions for Chapter 12: Inflation and Deflation

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

ISBN: 9780821934012

Solutions for Chapter 12: Inflation and Deflation

This expansive textbook survival guide covers the following chapters and their solutions. This textbook survival guide was created for the textbook: Economics New Ways of Thinking, edition: 1. Chapter 12: Inflation and Deflation includes 13 full step-by-step solutions. Since 13 problems in chapter 12: Inflation and Deflation have been answered, more than 1593 students have viewed full step-by-step solutions from this chapter. Economics New Ways of Thinking was written by and is associated to the ISBN: 9780821934012.

Key Business Terms and definitions covered in this textbook
  • 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

  • balanced trade

    a situation in which exports equal imports

  • budget deficit

    a shortfall of tax revenue from government spending

  • capital

    the equipment and structures used to produce goods and services

  • 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

  • explicit costs

    input costs that require an outlay of money by the firm

  • fiat money

    money without intrinsic value that is used as money because of government decree

  • macroeconomics

    the study of economy-wide phenomena, including inflation, unemployment, and economic growth

  • money supply

    the quantity of money available in the economy

  • 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

  • oligopoly

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

  • quantity demanded

    the amount of a good that buyers are willing and able to purchase

  • strike

    the organized withdrawal of labor from a firm by a union

  • structural unemployment

    unemployment that results because the number of jobs available in some labor markets is insufficient to provide a job for everyone who wants one

  • 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

  • utility

    a measure of happiness or satisfaction

  • value of the marginal product

    the marginal product of an input times the price of the output

  • welfare

    government programs that supplement the incomes of the needy

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