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Solutions for Chapter 13: Measuring the Economys Performance

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

ISBN: 9780078747663

Solutions for Chapter 13: Measuring the Economys Performance

Solutions for Chapter 13
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Textbook: Economics: Today and Tomorrow
Edition: 1
Author: McGraw-Hill Education
ISBN: 9780078747663

This textbook survival guide was created for the textbook: Economics: Today and Tomorrow, edition: 1. Chapter 13: Measuring the Economys Performance includes 23 full step-by-step solutions. Since 23 problems in chapter 13: Measuring the Economys Performance have been answered, more than 5113 students have viewed full step-by-step solutions from this chapter. Economics: Today and Tomorrow was written by and is associated to the ISBN: 9780078747663. This expansive textbook survival guide covers the following chapters and their solutions.

Key Business Terms and definitions covered in this textbook
  • capital

    the equipment and structures used to produce goods and services

  • Coase theorem

    the proposition that if private parties can bargain without cost over the allocation of resources, they can solve the problem of externalities on their own

  • diminishing returns

    the property whereby the benefit from an extra unit of an input declines as the quantity of the input increases

  • efficient markets hypothesis

    the theory that asset prices reflect all publicly available information about the value of an asset

  • factors of production

    the inputs used to produce goods and services

  • horizontal equity

    the idea that taxpayers with similar abilities to pay taxes should pay the same amount

  • in-kind transfers

    transfers to the poor given in the form of goods and services rather than cash

  • inferior good

    a good for which, other things being equal, an increase in income leads to a decrease in demand

  • labor force

    the total number of workers, including both the employed and the unemployed

  • life cycle

    the regular pattern of income variation over a person’s life

  • 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

  • monopoly

    a firm that is the sole seller of a product without close substitutes

  • oligopoly

    a market structure in which only a few sellers offer similar or identical products

  • price elasticity of demand

    a measure of how much the quantity demanded of a good responds to a change in the price of that good, computed as the percentage change in quantity demanded divided by the percentage change in price

  • price floor

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

  • producer price index

    a measure of the cost of a basket of goods and services bought by firms

  • scarcity

    the limited nature of society’s resources

  • structural unemployment

    unemployment that results because the number of jobs available in some labor markets is insufficient to provide a job for everyone who wants one

  • supply schedule

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

  • utility

    a measure of happiness or satisfaction

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