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Solutions for Chapter Chapter 16: Achieving Economic Stability

Full solutions for Economics: Principles and Practices, Reading Essentials and Study Guide, Workbook | 1st Edition

ISBN: 9780078650406

Solutions for Chapter Chapter 16: Achieving Economic Stability

Solutions for Chapter Chapter 16
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Economics: Principles and Practices, Reading Essentials and Study Guide, Workbook was written by and is associated to the ISBN: 9780078650406. This expansive textbook survival guide covers the following chapters and their solutions. Chapter Chapter 16: Achieving Economic Stability includes 4 full step-by-step solutions. Since 4 problems in chapter Chapter 16: Achieving Economic Stability have been answered, more than 1460 students have viewed full step-by-step solutions from this chapter. This textbook survival guide was created for the textbook: Economics: Principles and Practices, Reading Essentials and Study Guide, Workbook, edition: 1.

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

  • absolute advantage

    the ability to produce a good using fewer inputs than another producer

  • average revenue

    total revenue divided by the quantity sold

  • Condorcet paradox

    the failure of majority rule to produce transitive preferences for society

  • deadweight loss

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

  • demand curve

    a graph of the relationship between the price of a good and the quantity demanded

  • discount rate

    the interest rate on the loans that the Fed makes to banks

  • discrimination

    the offering of different opportunities to similar individuals who differ only by race, ethnic group, sex, age, or other personal characteristics

  • federal funds rate

    the interest rate at which banks make overnight loans to one another

  • inflation tax

    the revenue the government raises by creating money

  • internalizing the externality

    altering incentives so that people take account of the external effects of their actions

  • market for loanable funds

    the market in which those who want to save supply funds and those who want to borrow to invest demand funds

  • nominal GDP

    the production of goods and services valued at current prices

  • open-market operations

    the purchase and sale of U.S. government bonds by the Fed

  • price ceiling

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

  • price discrimination

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

  • principal

    a person for whom another person, called the agent, is performing some act

  • supply curve

    a graph of the relationship between the price of a good and the quantity supplied

  • unemployment insurance

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

  • value of the marginal product

    the marginal product of an input times the price of the output

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