×
Log in to StudySoup
Get Full Access to Business - Textbook Survival Guide
Join StudySoup for FREE
Get Full Access to Business - Textbook Survival Guide

Solutions for Chapter 14: Taxes

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

ISBN: 9780821934012

Solutions for Chapter 14: Taxes

Chapter 14: Taxes includes 12 full step-by-step solutions. This textbook survival guide was created for the textbook: Economics New Ways of Thinking, edition: 1. Since 12 problems in chapter 14: Taxes have been answered, more than 1164 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.

Key Business Terms and definitions covered in this textbook
  • average fixed cost

    fixed cost divided by the quantity of output

  • behavioral economics

    the subfield of economics that integrates the insights of psychology

  • budget surplus

    an excess of tax revenue over government spending

  • capital

    the equipment and structures used to produce goods and services

  • comparative advantage

    the ability to produce a good at a lower opportunity cost than another producer

  • currency

    the paper bills and coins in the hands of the public

  • depreciation

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

  • elasticity

    the quantity of output that minimizes average total cost

  • factors of production

    the inputs used to produce goods and services

  • fiscal policy

    the setting of the level of government spending and taxation by government policymakers

  • labor-force participation rate

    the percentage of the adult population that is in the labor force

  • natural-rate hypothesis

    the claim that unemployment eventually returns to its normal, or natural, rate, regardless of the rate of inflation

  • 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

  • price floor

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

  • real exchange rate

    the rate at which a person can trade the goods and services of one country for the goods and services of another

  • screening

    an action taken by an uninformed party to induce an informed party to reveal information

  • substitutes

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

  • union

    a worker association that bargains with employers over wages, benefits, and working conditions

  • union

    a worker association that bargains with employers over wages, benefits, and working conditions

×
Log in to StudySoup
Get Full Access to Business - Textbook Survival Guide
Join StudySoup for FREE
Get Full Access to Business - Textbook Survival Guide
×
Reset your password