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Solutions for Chapter 13: Fiscal Policy

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

ISBN: 9780821934012

Solutions for Chapter 13: Fiscal Policy

Since 10 problems in chapter 13: Fiscal Policy have been answered, more than 1728 students have viewed full step-by-step solutions from this chapter. This expansive textbook survival guide covers the following chapters and their solutions. Economics New Ways of Thinking was written by and is associated to the ISBN: 9780821934012. Chapter 13: Fiscal Policy includes 10 full step-by-step solutions. 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
  • average revenue

    total revenue divided by the quantity sold

  • average tax rate

    total taxes paid divided by total income

  • cartel

    a group of firms acting in unison

  • circular-flow diagram

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

  • constant returns to scale

    The property whereby long-run average total cost stays the same as the quantity of output changes

  • economics

    the study of how society manages its scarce resources economies of scale the property whereby long-run average total cost falls as the quantity of output increases

  • excludability

    the property of a good whereby a person can be prevented from using it

  • Giffen good

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

  • government purchases

    spending on goods and services by local, state, and federal governments

  • inferior good

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

  • lump-sum tax

    a tax that is the same amount for every person

  • marginal cost

    the increase in total cost that arises from an extra unit of production

  • marginal product

    the increase in output that arises from an additional unit of input

  • normative statements

    claims that attempt to prescribe how the world should be

  • price discrimination

    the business practice of selling the same good at different prices to different customers

  • production possibilities frontier

    a graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology

  • 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

  • public saving

    the tax revenue that the government has left after paying for its spending

  • 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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