- Chapter 19.1: What is a developing country?
- Chapter 19.2: What three types of concerns do people have for developing countries?
- Chapter 19.3: What are the causes and effects of rapid population growth in a dev...
- Chapter 19.4: What two agencies were set up to deal with developing economies?
- Chapter 19.5: Why is South Korea a development success story?
Solutions for Chapter Chapter 19: Developing Countries
Full solutions for Economics: Principles and Practices, Reading Essentials and Study Guide, Workbook | 1st Edition
a person who is performing an act for another person, called the principal
average fixed cost
fixed cost divided by the quantity of output
average total cost
total cost divided by the quantity of output
the failure of majority rule to produce transitive preferences for society
a study that compares the costs and benefits to society of providing a public good
the offset in aggregate demand that results when expansionary fiscal policy raises the interest rate and thereby reduces investment spending
economies of scale
the property whereby long-run average total cost falls as the quantity of output increases
Federal Reserve (Fed)
the central bank of the United States
money without intrinsic value that is used as money because of government decree
a person who receives the benefit of a good but avoids paying for it
income elasticity of demand
a measure of how much the quantity demanded of a good responds to a change in consumers’ income, computed as the percentage change in quantity demanded divided by the percentage change in income
an increase in the overall level of prices in the economy
the regular pattern of income variation over a person’s life
an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services
a legal minimum on the price at which a good can be sold
a tax for which highincome taxpayers pay a larger fraction of their income than do low-income taxpayers
people who systematically and purposefully do the best they can to achieve their objectives
rivalry in consumption
the property of a good whereby one person’s use diminishes other people’s use
the manner in which the burden of a tax is shared among participants in a market
a worker association that bargains with employers over wages, benefits, and working conditions