- 2.1: Imagine that a new country is being formed and wants to set up an e...
- 2.2: Choose the letter of the term that best completes each sentence. a....
- 2.3: Choose the letter of the term that best completes each sentence. a....
- 2.4: Choose the letter of the term that best completes each sentence. a....
- 2.5: Choose the letter of the term that best completes each sentence. a....
- 2.6: Choose the letter of the term that best completes each sentence. a....
- 2.7: Choose the letter of the term that best completes each sentence. a....
- 2.8: Choose the letter of the term that best completes each sentence. a....
- 2.9: Choose the letter of the term that best completes each sentence. a....
- 2.10: What basic economic question depends on a nations available natural...
- 2.11: What economic question is being answered if an industry replaces so...
- 2.12: How does a traditional economy answer the basic question, How shoul...
- 2.13: What are six important characteristics of free enterprise?
- 2.14: What is governments role in the modern American version of capitalism?
- 2.15: Why is private property important in the American economic system?
- 2.16: What are the six goals of free enterprise?
- 2.17: What are two examples of individuals economic responsibilities in a...
- 2.18: Complete the graphic organizer by filling in characteristics of eac...
- 2.19: Who did Karl Marx believe should control the means of production in...
- 2.20: Imagine that a school club to which you belong wants to raise money...
- 2.21: The BIG Idea Karl Marx predicted that capitalism would collapse and...
- 2.22: Create a diagram like the one below to list the advantages and disa...
- 2.23: Explain what U.S. economic goal is being met by each of the followi...
- 2.24: Study the cartoon on the right, and then answer the following quest...
Solutions for Chapter 2: Economic Systems and the American Economy
Full solutions for Economics: Today and Tomorrow | 1st Edition
the idea that taxes should be levied on a person according to how well that person can shoulder the burden
changes in fiscal policy that stimulate aggregate demand when the economy goes into a recession without policymakers having to take any deliberate action
fluctuations in economic activity, such as employment and production
a difference in wages that arises to offset the nonmonetary characteristics of different jobs
two goods for which an increase in the price of one leads to a decrease in the demand for the other
a study that compares the costs and benefits to society of providing a public good
diminishing marginal product
the property whereby the marginal product of an input declines as the quantity of the input increases
the reduction of risk achieved by replacing a single risk with a large number of smaller, unrelated risks
a measure of the responsiveness of quantity demanded or quantity supplied to a change in one of its determinants
the quantity of output that minimizes average total cost
the price that balances quantity supplied and quantity demanded
the change in consumption that results when a price change moves the consumer to a higher or lower indifference curve
the revenue the government raises by creating money
the change in total revenue from an additional unit sold
the proposition that changes in the money supply do not affect real variables
spending on domestically produced goods by foreigners (exports) minus spending on foreign goods by domestic residents (imports)
an economy that interacts freely with other economies around the world
the purchase and sale of U.S. government bonds by the Fed
a dislike of uncertainty
value of the marginal product
the marginal product of an input times the price of the output