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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 640 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
  • agent

    a person who is performing an act for another person, called the principal

  • budget surplus

    an excess of tax revenue over government spending

  • collective bargaining

    the process by which unions and firms agree on the terms of employment

  • collusion

    an agreement among firms in a market about quantities to produce or prices to charge

  • complements

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

  • cost–benefit analysis

    a study that compares the costs and benefits to society of providing a public good

  • deadweight loss

    the fall in total surplus that results from a market distortion, such as a tax

  • dominant strategy

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

  • equality

    the property of distributing economic prosperity uniformly among the members of society

  • fiscal policy

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

  • incentive

    something that induces a person to act

  • liberalism

    the political philosophy according to which the government should choose policies deemed just, as evaluated by an impartial observer behind a “veil of ignorance”

  • monetary neutrality

    the proposition that changes in the money supply do not affect real variables

  • producer surplus

    the amount a seller is paid for a good minus the seller’s cost of providing it

  • public saving

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

  • quantity supplied

    the amount of a good that sellers are willing and able to sell

  • shortage

    a situation in which quantity demanded is greater than quantity supplied

  • tariff

    tax on goods produced abroad and sold domestically

  • total cost

    the market value of the inputs a firm uses in production

  • total revenue (for a firm)

    the amount a firm receives for the sale of its output

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