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Solutions for Chapter 15: International Trade

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

ISBN: 9780821934012

Solutions for Chapter 15: International Trade

This textbook survival guide was created for the textbook: Economics New Ways of Thinking, edition: 1. Since 11 problems in chapter 15: International Trade have been answered, more than 1146 students have viewed full step-by-step solutions from this chapter. This expansive textbook survival guide covers the following chapters and their solutions. Chapter 15: International Trade includes 11 full step-by-step 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
  • ability-to-pay principle

    the idea that taxes should be levied on a person according to how well that person can shoulder the burden

  • behavioral economics

    the subfield of economics that integrates the insights of psychology

  • capital requirement

    a government regulation specifying a minimum amount of bank capital

  • diminishing marginal product

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

  • dominant strategy

    a strategy that is best for a player in a game regardless of the strategies chosen by the other players

  • implicit costs

    input costs that do not require an outlay of money by the firm

  • incentive

    something that induces a person to act

  • life cycle

    the regular pattern of income variation over a person’s life

  • marginal change

    a small incremental adjustment to a plan of action

  • marginal product of labor

    the increase in the amount of output from an additional unit of labor

  • marginal rate of substitution

    the rate at which a consumer is willing to trade one good for another

  • marginal tax rate

    the amount that taxes increase from an additional dollar of income

  • market

    a group of buyers and sellers of a particular good or service

  • market economy

    an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services

  • price discrimination

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

  • public goods

    goods that are neither excludable nor rival in consumption

  • random walk

    the path of a variable whose changes are impossible to predict

  • sunk cost

    a cost that has already been committed and cannot be recovered

  • trade balance

    the value of a nation’s exports minus the value of its imports; also called net exports

  • union

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

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