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Solutions for Chapter 12: The American Labor Force

Full solutions for Economics: Today and Tomorrow | 1st Edition

ISBN: 9780078747663

Solutions for Chapter 12: The American Labor Force

Solutions for Chapter 12
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Textbook: Economics: Today and Tomorrow
Edition: 1
Author: McGraw-Hill Education
ISBN: 9780078747663

Chapter 12: The American Labor Force includes 28 full step-by-step solutions. This textbook survival guide was created for the textbook: Economics: Today and Tomorrow, edition: 1. Since 28 problems in chapter 12: The American Labor Force have been answered, more than 4360 students have viewed full step-by-step solutions from this chapter. This expansive textbook survival guide covers the following chapters and their solutions. Economics: Today and Tomorrow was written by and is associated to the ISBN: 9780078747663.

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

  • Arrow’s impossibility theorem

    a mathematical result showing that, under certain assumed conditions, there is no scheme for aggregating individual preferences into a valid set of social preferences

  • average fixed cost

    fixed cost divided by the quantity of output

  • demand schedule

    a table that shows the relationship between the price of a good and the quantity demanded

  • discrimination

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

  • equilibrium

    a situation in which the market price has reached the level at which quantity supplied equals quantity demanded

  • financial system

    the group of institutions in the economy that help to match one person’s saving with another person’s investment

  • marginal product

    the increase in output that arises from an additional unit of input

  • median voter theorem

    a mathematical result showing that if voters are choosing a point along a line and each voter wants the point closest to his most preferred point, then majority rule will pick the most preferred point of the median voter

  • nominal exchange rate

    the rate at which a person can trade the currency of one country for the currency of another

  • normative statements

    claims that attempt to prescribe how the world should be

  • prisoners’ dilemma

    a particular “game” between two captured prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficial

  • producer surplus

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

  • progressive tax

    a tax for which highincome taxpayers pay a larger fraction of their income than do low-income taxpayers

  • quantity equation

    the equation M × V = P × Y, which relates the quantity of money, the velocity of money, and the dollar value of the economy’s output of goods and services

  • quantity theory of money

    a theory asserting that the quantity of money available determines the price level and that the growth rate in the quantity of money available determines the inflation rate

  • tax incidence

    the manner in which the burden of a tax is shared among participants in a market

  • tax incidence

    the manner in which the burden of a tax is shared among participants in a market

  • utilitarianism

    the political philosophy according to which the government should choose policies to maximize the total utility of everyone in society

  • willingness to pay

    the maximum amount that a buyer will pay for a good

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