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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 643 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
  • behavioral economics

    the subfield of economics that integrates the insights of psychology

  • diminishing marginal product

    the property whereby the marginal product of an input declines as the quantity of the input increases

  • efficiency wages

    above-equilibrium wages paid by firms to increase worker productivity

  • excludability

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

  • fiat money

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

  • fixed costs

    costs that do not vary with the quantity of output produced

  • frictional unemployment

    unemployment that results because it takes time for workers to search for the jobs that best suit their tastes and skills

  • income effect

    the change in consumption that results when a price change moves the consumer to a higher or lower indifference curve

  • informational efficiency

    the description of asset prices that rationally reflect all available information

  • market risk

    isk that affects all companies in the stock market

  • monetary policy

    the setting of the money supply by policymakers in the central bank

  • moral hazard

    the tendency of a person who is imperfectly monitored to engage in dishonest or otherwise undesirable behavior

  • natural level of output

    the production of goods and services that an economy achieves in the long run when unemployment is at its normal rate

  • present value

    the amount of money today that would be needed, using prevailing interest rates, to produce a given future amount of money

  • proportional tax

    a tax for which highincome and low-income taxpayers pay the same fraction of income

  • real GDP

    the production of goods and services valued at constant prices

  • social insurance

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

  • surplus

    a situation in which quantity supplied is greater than quantity demanded

  • unemployment insurance

    a government program that partially protects workers’ incomes when they become unemployed

  • union

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

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